Student from the USA owes 400 thousand dollars of tax money, but no money

One College student has invested 5 thousand dollars in bitcoin and got 880 thousand dollars in profit, but now says that trade “ruined” his life because he has to pay 400 thousand dollars of tax money.

Студент з США заборгував 400 тисяч доларів податку на криптовалюту, але немає таких грошей

Anonymous College student recently posted on Reddit please advise what should I do if received a bill for taxes after the opening of trade cryptocurrency, informs UkrMedia.

According to the report, a student who lives in California, last year invested $ 5,000 in the Coinbase when a friend said they are investing in Ethereum in the amount of $ 208,696 + 0.18%.

Soon capturador eventually returned the investment in the amount of 5 thousand dollars, and before the end of the year was a profit of 880 thousand dollars in December 2017.

But the fall in the value of cryptanalytic and active participation in the platforms for gambling quickly cleared his account, leaving only $ 125 thousand dollars.

But student faced with an unexpected problem – he has a tax debt in the amount of 400 thousand dollars for 2017рік. Jelly says that he was not aware of the taxation of cryptanalytic.

In his post, the student says that the scheme of taxation of cryptanalytic is pretty fuzzy and unclear.

According to the guy, his whole trade is carried out within the crypto market, and no media in the form of dollars not appeared in traditional Bank accounts.

Writing from an anonymous account, the student turned to the Reddit community for advice because he had not paid any taxes for 2017, as he worked part-time in the Bank Barnes & Noble with paying $ 12 per hour.

Advice to post was from the pragmatic to the humorous. One author advised the author of the post to contact a lawyer and get professional advice for money.

In General, users are recommended to stay away from “questionable accounting practices” and to find an accountant to file a tax return as soon as possible with, perhaps, develop an agreement on the gradual payment, or to apply for restructuring to the relevant authorities.

Taxation of cryptanalytic is fun.

The long-continued disputes concerning taxes when buying and selling cryptocurrencies.

In April, with Tom Lee Fundstrat Global Advisors, said that large-scale crypto trade will increase income tax in the amount of $ 25 billion for residents of the United States.

Around the same time, Bitcoinist reported on the results of the Twitter poll that asked respondents in the United States on taxes from cryptanalytic. 19% of 9393 of respondents stated that they “have officially declared incomes and paid taxes”, but 53% said that “they’ll never catch me.”