I make $47k a year at my job as an office assistant.
At the advice of my friends, I took most of my savings and bought 8 bitcoins back in early 2017 for about $7200. You can imagine how I felt when it went up. Around December 2017, I got caught up in the altcoins frenzy and sold most of my bitcoins (about $120k worth) to buy a bunch of different coins. I didn't know this back then but it looks like I owe income taxes on those trades, which adds up to about $50k if I add up state (California) and federal. But with the crash that happened recently, I added up my altcoins and I only have like $30k worth. I only have about $5k in other savings.
How do I pay this? Do I have to sell my altcoins, and give them what I can? Or is there some workaround?
Is all my savings gone now? I feel like I might have accidentally ruined my life because I didn't know about the taxes...
Submitted March 14, 2018 at 07:05PM by thoway http://ift.tt/2FHFaiE
