NFTs
Out of context: Reply #828
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- Nairn1
Apparently my ex-business partner / ex-friend cashed out his bitcoin at the top, thought he was a financial genius, then spent all or most of that money on NFTs... again, at the top.
Because of the way he did the (or 'a') bitcoin conversion he's on the hook for the tax in the capital gain, but then he's not got any of that money as NFTs are obviously fucking shite and have no value, but can't count towards a loss to offset the tax due. I'm probably getting the detail wrong here, as this was all relayed to me via a mutual friend who knows a lot more about this sort of thing than I (and my ex-friend) do.
I wasn't so blunt as to enquire how much he's fucked for, but reading between the lines I'm estimating that he owes over a hundred grand in tax on an investment that doesn't exist any more.