I posted a while back here: https://www.reddit.com/r/personalfinance/comments/84huks/i_just_discovered_that_i_owe_the_irs_50k_that_i/. I owe the IRS $50k that I never actually received because I traded altcoins last year and didn't realize I had to pay capital gains on the trades. And then I continued not to sell my altcoins because I thought they'd go back up since they crashed so hard. God... was that a mistake.
So now I got $20k in total assets but owe the IRS $50k.
I talked to a tax lawyer. He said the IRS would probably be OK with a payment plan but we'd have to talk to them. And I could pay $20k now and the extra $30k over a long period of time (like 10 years). In the mean time I won't be able to accumulate much in the way of my own savings.
I sold my crypto today because my lawyer urged me to. If I don't, and it crashes further, it would only make things worse. I'll get to use the losses to deduct a pittance from my income taxes each year. But I'll still owe more than I get to deduct. And I have to pay interest on it.
I basically don't get to have savings for the next 10 years. I probably won't be needing much help from /r/personalfinance for a while, seeing how I'm never gonna have finances.
Anyway my life is ruined. Thought I'd let you guys know, so you can learn from these mistakes.
Submitted April 03, 2018 at 05:16PM by thoway https://ift.tt/2H6D3q5
