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The American cryptoinvestor owes tax $400000

November 11, 2018 01:48:40 - It’s not a secret that in the USA the tax system is extremely ambiguous and difficult for normal users. Lots of people have faced serious problems because of that. A couple of days ago, the story of a student from an American college who is currently faced with a real tax nightmare became publicly known.

In May 2017 a young man decided to buy Ethereum coins for the sum $ 5000. At that time, the cost of this cryptoactive was only 50$. In a short time there was a huge jump for most of the cryptocurrencies in price and as a result the price for the Ethereum reached more than 1280$.

Encouraged by success, he invested in several other coins and in ICO projects. And here the fortune was again on his side. By the end of last year, the cost for his crypto portfolio was about 880k dollars. Without hesitation, he decided to declare his income. In the beginning of 2018 the digital assets dropped significantly in price. The young man lost a significant sum and now his crypto portfolio doesn’t exceed 125000$. And moreover the tax agency demands that he has to pay 400k dollars which is obviously for him impossible now.

And now he has to find a way to get out of this ordeal situation.

Category: News

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