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ETH FORTUNE TURNS INTO A TAX NIGHTMARE: SINGER JONATHAN MANN’S CRAZY JOURNEY!

MILLIONS IN MINUTES: But Wealth Quickly Turns Into Worry!

In a dazzling one-hour frenzy, singer-songwriter Jonathan Mann sold 4,000 of his love-infused songs, raking in a jaw-dropping $3 MILLION in Ethereum! But hang onto your hats, folks; this success story quickly spiraled into a taxing horror show that would make anyone’s head spin!

From Musical Masterpiece to Financial Mayhem!

For 17 years, Mann has serenaded the world with a staggering 6,000 songs, but his June 5th release hit a sour note. Just a WEEK after his record-breaking NFT sale, the crypto market took a nosedive! Oh yes, the price of Ethereum plummeted below $3,000, turning his fortune into a financial farce.

TAX MAN WANTS HIS CUT: Enter the IRS Nightmare!

The IRS came knocking, treating Mann’s crypto revenue as ordinary income. Despite the crumbling value of his crypto stash, the taxman demanded payment based on that lofty $3 million valuation. Talk about a cruel twist! With $1 million in 2021 tax obligations already haunting him, he knew he was in deep trouble.

Borrowing Trouble: A Loan Gone Wrong!

Desperate for relief, Mann took a risky plunge, borrowing $400,000 against his Ethereum stash. But, lo and behold, disaster struck: the LUNA collapse sent his borrowed collateral crumbling from $1.5 million to a measly $200,000! Can we say financial freefall? Left with just 163 ETH, he faced a staggering capital loss of $1.3 MILLION!

IRS THREATENS TO SEIZE ASSETS: It’s a Do-or-Die Situation!

In 2023 and 2024, the IRS sent chilling notices demanding nearly $1.1 million in unpaid taxes and warned of asset seizure! The tension was palpable! Mann found himself on the edge, with only one path left—SELLING HIS PRECIOUS AUTOGLYPH!

A Piece of His Soul at Stake!

This wasn’t just any NFT; it was a treasured creation, minted for just $36 back in 2019. By 2024, it ballooned in value to over $1 MILLION! With heavy heart, he sold it, alleviating his financial burden and clearing his tax dues.

HARD-LEARNED LESSON: CONVERT CRYPTO NOW OR PAY LATER!

Mann’s saga wraps up with a stern warning for all creators out there: “SELL. THE. ETH. IMMEDIATELY!” Avoid the nightmare of tax liabilities! He suggests using a nifty protocol to auto-convert half your NFT earnings into USDC to dodge those wild price swings!

This Is a Cautionary Tale: Crypto Can Be a Double-Edged Sword!