Right. He probably doesn’t understand taxes and hasn’t asked a professional. I haven’t read the article, just came here for the anti crypto comments.
If he has traded crypto in an out all year, he could gotten a statement that says he owes all this tax, without taking into consideration the losses incurred, during all those trades.
I’m not educated in the tax field, but he may show profits of $700,000 and losses of $670,000 or something.
No need to flame my ignorance on the subject, I just remember a buddy’s son getting a scary letter from the IRS about owing $100,000’s, when in reality he didn’t owe anything because he lost money trading.
I’m not a financial advisor and this is not financial advice.
In fact, I am what you could call, a retarded crayon eating ape
I suspect you are right.