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lirik lagu song a day - crypto tax nightmare

this is the story of how i made
3 million dollars and lost it
and how i owed the irs
more money than i made in 10 previous years

it was the first of january, 2022
13 years of song a day being sold as nfts
was my whole back catalog, 3700 songs
they sold out at 800 dollars each

but of course that money wasn’t dollars, it was 700 eth
my wife and i stared at each other, in the sweetest disbelief
we didn’t have a plan, we knew taxes were gonna come
but how much should we sell? ehat if eth went up again?
(what if eth goes up again?)
(what if eth goes up again?)

we gotta take a detour to contrast capital gains and income tax
say you buy eth; eth goеs up, you owe tax on that
but you buy a sh~t coin and lose a lot
you offset thosе gains with capital loss
capital loss is how rich people carry off

on the other hand, if you earn eth
selling your art as nfts
you owe taxes on the eth
the price it was when you received it
say you made 3 million dollars
but the price of eth has bombed
you still owe 1 million dollars
even if the money’s gone
(what if eth goes up again?)
(what if eth goes up again?)
now it’s a week after the big sale
eth has gone below 3000
we’re panicking and paralyzed
and we have another problem, because
our 2021 taxes: we owe quite a lot
from the f~cking trolls and all the airdrops
but we’re holding on for dear life what if eth goes up
do we sell to cover all these taxes of course not…

we take out an aave loan
250% collateralized
the next week terra luna’s blown
to bits right before our eyes
yeah, we take out an aave loan
and watch 300 eth just disappear
i feel like such a failure now
a lifetime of work erased in a moment
3 million dollars for 13 years of song a day
it’s gone

this is the story of how i made
3 million dollars and lost it
and how i owed the irs
more money than i made in 10 previous years

now we gotta figure out, figure out
how much do we really owe, we really owe
easier said than done, said than done
crypto taxes are impossible, impossible
i spend years of my life
on google meet with my accountant
going line by line on a spreadsheet
to find a number i know i can’t afford:
1,095,171
(we had 100 eth left)
1,095,171
(it’s not worth 10% of that)
1,095,171
(they could put a lien on our house)
1,095,171
(take my wife’s retirement accounts)
(what if eth goes up again?)
(what if eth goes up again?)

another detour back to 2019
nfts were a tiny scene, at meetups in nyc
my buddies matt and john were not quite famous
cryptopunks were two years on and they gave us
the basis for all onchain~ness

so an autoglyph i bought it was
magic but i never thought it could be
something worth a lot it turned out
to be worth a lot it caused
my wife to turn to me and say
“i know you love the autoglyph
but for the love of god
can you just see what you can get for it
do i have to? yes, you really do
do i have to? yes, you really, really do
so i tweeted the autoglyph
but n0body wanted it
to find a buyer
i needed a broker

“today, i could
get seven hundred
fifty k,” he said
“that’s not enough,” i said
i’ve got wild mountains of taxes!”

“what about 850k, that’s what he’s offered you”
“i’m really sorry, i’m still not moved”

“i’ve got one final offer that i’m authorized to do
this is the very last one my client offers you
please accept this number so the deal can be done
the number that he’s offering is: 1.1

1,095,171
you will recall, dear listener
that’s what we owe the united states government

so i sold my auto glyph
and i paid our taxes with it
and it felt so bittersweet
to be done

- lirik lagu song a day

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