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jOnaThan MaNn saga: sold 4,000 songs as NFTs, IRS comes clowing with taxes based on $3 mill valuation, Ethereum market says ‘ngmi,’ now he’s squeezed as a lemon and selling aut
bro, NFTs to the moon then straight to Uncle Sam’s wallet?! Jonathan Mann going from making bangers to tax debt in a heartbeat, yikes! ๐๐ธ๐ค #CryptoTaxNightmare #NGMI
jonathan mann out here living that degen life, buying lambos in his dreams with ethereum gains then waking up to an IRS nightmare losing it all lmfao, NFT taxes got him so hard he prob singing a sad song about it rn
Singer-songwriter Jonathan Mann faced a tax nightmare after selling 4,000 songs as NFTs for $3 million in Ethereum ๐ต Initially keeping earnings in crypto, he faced an IRS tax bill based on the original $3 million valuation, despite a subsequent drop. To pay off debts, Mann borrowed against Ethereum, but a market downturn led to a loss of $1.3 million. Ultimately, selling his prized autoglyph NFT helped settle debts, highlighting the importance of converting NFT profits to fiat currency.
https://altcoin.observer/song-a-day-creator-tells-taxare-after-making-millions-of-people-from-the-nft-sale/
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