don't want to ruin the story but if you're earning non-stables onchain, make sure you're selling some ~immediately to cover your taxes 😬

ONLY 5 DAYS UNTIL  
SONG A DAY 6000!!!

Today I'm sharing the story:

HOW I MADE $3 MILLION IN ONE HOUR...  
THEN LOST IT ALL 
AND OWED THE IRS  $1.1 MILLION  I DIDN'T HAVE

Welcome to my Crypto Tax Nightmare.   

Buckle up, it's wild ride. 🧵👇

17 years of song a day

don't want to ruin the story but if you're earning non-stables onchain, make sure you're selling some ~immediately to cover your taxes 😬 

https://x.com/songadaymann/status/1929212434318815686

if you need help: https://docs.splits.org/templates/diversifier

(this story was actually the inspiration behind swapper/diversifier, makes me very happy to know jmann is still a happy user https://x.com/songadaymann/status/1929212456880033857)

After turning down offers that would've been insane in any other context...

The buyer offered exactly what we needed: 
$1,100,000

Because of our capital losses from the AAVE disaster, we could offset the gains.

$36 → $1,100,000   
Capital gain wiped out by capital loss.

We https://t.co/v4te9DGWHt

The moral for every NFT creator:  
SELL. THE. ETH. IMMEDIATELY.  

Now I use 0xSplits to auto-convert 50% to USDC. 

If you learned something from this thread, share it. Someone you know may need to hear it!