Jonathan Mann, an unbunbial token artist, a musician of the “Song A Day” project, was a prudent music story about his cryptography tax trials.
In the new track shared on X, Mann talked about how he sold $ 3 million as the entire back catalog was sold as the market crashed during the terra ecosystem collapse.
Mann said, “This is a story about how I earned $ 3 million and lost.”
Musicians were paying $ 1.1 million tax on NFT sales.
Mann sold 3,700 songs for $ 800 on January 1, 2022, and everything was about $ 3 million.
Excited but not ready Mann and his wife decided to catch the password, hoping that ETH prices would rise. Mann was recognized in the song.
The situation changed when the value of ETH decreased in January 2022, and I was not sure how much the couple should sell or timed. In order to add to their concerns, the US IRS (IRS) knocked on the door.
MANN, as explained in the song, is taxed as income. This means that taxes are later based on the value of ETH when they are later accepted, regardless of whether they are valued. This resulted in a $ 3 million ETH price, but the tax bill was maintained the same.
Mann said that it was used as a collateral through the Lending Protocol AAVE to avoid the loss of encryption. However, disasters occurred as the market began to fall due to the collapse of the terra.
This incident caused liquidation throughout the ecosystem, including Mann’s loans. 300 ETH is gone from the flash. “Lifelong things have been erased for a while,” he mourned.
Mann, who was in turmoil to find the way out, spent several months in dealing with accountants.
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Rare Autoglyph NFT saves a day
Mann has been changed to the last option at home, which is risk of losing his wife’s retirement account at home and his wife’s retirement account. We sold Autoglyph NFT, which was purchased early in Crypto.
The musician tried to sell NFT through X, but he did not get a good reception. But he found a customer and a broker who provided $ 1.1 million to the NFT. Mann said he accepted the contract to pay the IRS tax.
The loss from AAVE loans did not get capital gain taxes for Autoglyph Sale. “I felt so bitter.” He sang at the end.
Despite trials, Mann writes and sells nft every day, but I hope to earn $ 3 million more someday.
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