“I Just Discovered I Owe The IRS $50,000 I Don’t Have, Because I Traded Cryptos” – ZH

A Reddit user who was “surprised” to learn he owed the IRS roughly $50,000 from his crypto-trading profits – money that he had not set aside when he cashed out his bitcoins at the height of the boom – complained in a viral post that crypto trading “ruined his life.”

The alleged trader, who uses the screenname Thoway, explained that he bought eight bitcoins for $7,200 in January 2017 then cashed them out in December for about $120,000. Here’s the catch: his altcoin investments quickly sunk, eating away most of his bitcoin profits. But unbeknownst to him, by selling his bitcoin, Thoway had inadvertently triggered a “taxable event”.

via “I Just Discovered I Owe The IRS $50,000 I Don’t Have, Because I Traded Cryptos” | Zero Hedge