TAX PROBLEMS ?!?!?!

Veeky Forums I fucked up.
I have been in crypto since mid to late 2016 and turned 15k into 2.4 million. I cashed out 1.5 million in Dec and though 800k would be enough to grow on.

I fucking bought a condo in Miami on the beach, a nice car, nice stuff etc..

Then fucking cryptos take a shit and I am told I have to pay 45k in property Tax’s this year. Plus random ass condo fee’s and my 800k turned into 150k during the crash.

I dont know what the fuck to do. Here is a view from the place before I lose it i guess.

Other urls found in this thread:

realtor.com/advice/finance/happens-buy-home-tax-sale/
twitter.com/SFWRedditImages

>I dont know what the fuck to do
rent the condo, and pay property taxes and rent a smaller place for you with that money

not very difficult

I am fucking 19 never thought of this shit. So pretty much I have to move in with fucking roomies while being a millionare ? FML

you broke boi meme

just face it you got lucky and a fuck up when it comes to money

I droped out of HS for this shit, fuck I should have taken some classes at community college. I just thought first million before 18 who cares about education fuck being a wage cuck

You fucked up big, but there is still time to set yourself up for life. Just rent out the condo and move in with your parents. You’ll have to be a slave to the government for a while, but once you make a small profit on the condo you should sell it and buy something more within your price bracket. Most poor people think a few million and you’ll live like a baller for the rest of your life, but the truth is, a few mil is the new middle class.

>buying property in miami
my man why the fuck did you do this. Miami will be under the fucking water in a few years and your property will lose considerable value.

I was a 18 year old kid with 2 million bucks and I like pussy.. the fake tits got me bruh :(. I have 1.1 million equity but to sell the property would fuck me on taxes again etc.

>Most poor people think a few million and you’ll live like a baller for the rest of your life, but the truth is, a few mil is the new middle class.
depends where you live
a few mill in say, kentucky, and you are set for life
a few mill in Miami is nothing
a few mill in the Philippines and you are a God

I want to see a timestamp then I'll help you out

Here, oh and my fucking Mercedes keys becuase buying a 80k car cash and not knowing you owe taxes on it is also something I did

Don’t worry user, crypto is here to stay and to take over. Just hodl.

just chill out, do what first post user told you to do. Make sure to cover your costs and never get pulled into any tax evasion schemes. I'd suggest selling the fancy car and getting a simpler car, but I dont know how much car insurance and taxes cost in America. Rent the nice apartment and move into a really not great place and you should have your living cost covered, wait until the housing market in Miami is strong and sell the apartment. Use the money from the sale and buy a modest apartment or house in a city where you can easily find stable employment.
>inb4 crypto millionaire larp

Well that's normal when your money is fake internet money.

>miami
>not renting out the place for porn

If he can evade taxes safely, then he absolutely should do it. Taxation is theft and he doesn’t owe any of the money he rightfully earned.

>45k in property Tax’
holy fuck. you deserve to lose everything

this is why poors will always be poors
even if they make millions
they literally spend it all as soon as they have it so they can be back in debt again
I'll never understand this mentality

Man kids are stupid. At least you have a story to tell when you go back to wage cucking

>19
>implying a guy who bought property in miami of all places will know how to pull off tax evasion
>implying his measly couple million will get him anything but sleazy tax evasion firms
>implying risking 20 to life at 19 in federal miami prison is worth the brief moment of easy living

Seeing to many red bars? Don’t hesitate and call the green snek on 1800-555-SNEKDIVS or book an appointment on www.ethpyramid.com

>I'm 19
the fuck?

>Makes enough money to retire on comfortably
>Cashes out enough money to retire on comfortably
>Chooses not to live within his means
>Chooses to live in an expensive shithole region of an expensive shithole country
You fucked yourself user.

larp larp larp

I paid income tax. Property and sales tax and all the other shit I did not expect is fucking me. I had 800k to pull on but its 100 something k and going down daily. I cant sell or I make the losses fixed. I got like 40k left in checking.

the problem is school don't teach about real life things and the majority of parents are shit who don't teach their kids about bills and taxes
by the time someone is 16 they should already know about this
but like i said most parents are shit and the education system in america is shit

>Bought worthless depreciating assets
>Didn't set aside money for taxes
>Welcome to federal fucked-in-the-ass prison

do as first post user said, find a rental agency, rent the place live off the rent. You litterally have no other options. Also sell the fucking car, terrible investment, I have an S400 and the maintenance costs are through the roof.

You do know you were supposed to pay capital gains tax too on the 1.5 million?

That would have been about $600,000.

Why the fuck did you think you could pay your taxes in crypto

>45k in property Tax
wtf is property tax? America is literally more socialist than Britain LMAO

I held over a year I had an accountant I paid 10k to file the tax’s. It was long term Capital gains.

>not knowing you owe taxes on a fucking car
Man, there's a reason TTL fees exist.
>tax title and license fees
>tax
Jesus man. I hope this is high quality bait. Did you buy the car from a dealer? Because if you bought from a dealer then they will have included any taxes in the sale. Godspeed user, you're learning some life lesson lmao. Fukken 19 year old kid holy shit man, never change Veeky Forums.

This is unironically true. Most millennial burgers have no fucking idea about life when they move out of their parents house on their own. It's a shame.

airbnb that shit

and if you don't pay it the city can auction off your home, even if it's just a small amount say 10k, they don't care. your home could be worth 5 million, if you didn't pay say 10k in property taxes, the city is allowed to put a lien on your home a auction your 5 million dollar home off for the lien amount of 10k. so someone could come in a buy your 5 million house for 10k

airbnb only makes money on holidays, renting may get you less but its a more stable source of income. this mother fucker wont be able to pay his taxes pretty soon.

I am going to be a fucking Millionare living with roomates, holding over a million in property equity I cant use. Honestly what the fuck, fuck my life how is this fair

J U S T
U
S
T

Which Mercedes did you buy?

Most of us wagecucks have already made one or two millions over time, so we know that if you get 2 million dollars all of the sudden, it's only an amount to keep a normal lifestyle for 10-20 years without having to generate income, but that's it.
the poorfag mentality buys the lambo, then has to return it or sell it the next year, with $0 in their pockets.

Get me a job in Miami for 60k a year and I will help you pay rent

apparently he's a high school drop out, with those amazing credentials he's looking at 30k a year max

why didnt you cash everything 75% or 95% out?
Markets move all the time. You sound like a fucking boomer right now

Ultra is coming up

80k cash on a depreciating asset. Come on nigga, you needed to lease that bitch.

quit your bitching you're better off than 99% of humanity. Take the hit and look at it positively, you own a condo at the age of 19. Sell the car while you can. Worst comes to worst if you need to take a loan to pay your taxes you can leverage your property to secure it.

Oh and get an income OUTSIDE of crypto.

It takes a special kind of retard to think they can live in Miami off of 800k... And a REALLY special kind to think they can live in Miami and have an upper class lifestyle. And a fucking TOP TIER WORLD CLASS retard to think they can do that and keep the 800k in highly volatile assets!

This has to be a larp. I refuse to believe there is anyone this dumb on the planet.

You had 2.4MM if you just cashed it all out and didn't buy anything with it you could easily have appreciated your wealth and had a comfy 100k/year lifestyle in a reasonably priced city. In ten years your assets would likely be worth double or more. You could buy a $1MM home and your Mercedes and still be making 150-200k a year.

If this is real, it's deserved.

>If this is real, it's deserved.
I believe it
and if you think OP is the only one like this you are naive
the world is full with people like the OP

fuck off larper that's literally a screengrab of Grant Cardone's meme Miami home videos...

Holy shit as a fellow 19 year old how fucking retarded do you have to be. Did you grow up poor?

You pajeets never watched Grant Cardone on Youtube.

Becoming rich is on thing, staying rich is the hard part.

check the timestamp lol

>normies buy lambos and overspend on luxury nigger shit with their gainz
>btc crashes and they get rekt hard
I like that. I would never spend shit on useless status symbols just to please other normans. You deserve all of it.

First gen American grew up poor immigrant family..

HOLY shit OP Thankyou. this thread is fucking gold, crypto may be crashing but my birds won the superbowl and this thread is making me cry laughing so thank you op holy fuck MIAMI hahahahah I lived in tampa, miami is like the most exppensive piece of shit on the planet hjahahahah

this is my inner niger talking but id probably buy one just to say i did. Id sell it then get an m3 or something

I actually kinda believe this larp because I turned 50k to 1.1M.

let me clarify a used M2

all while jerking your dick to porn right?

my ghetto kid instincts would never buy anything that suggests you have money. Don't want to become a target.

think of it this way op youve gotten to experience 100x more than your average 19yo. in terms of having money and unfortunately in terms of paying burger taxes

This, I would lease a WRX Sti if I wanted new. Something fun but not stupid expensive or something that has a huge luxury logo on it. Better yet buy a used WRX. Flying under the radar is key.

Fucking burgers. Move to fucking Portugal. Big titty women, legal drugs, beaches and no shitty US taxes. Burn your fucking passport afterwards. Live as a king forever, or until you die of hookers and blow by 21.

Your choice OP.

You truly think buying a new Subaru sti makes you look rich?

HAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHHHHAHHAHAHHHAHAHHAH

The exact opposite that's the point., sorry if I didn't convey that correctly English is my second language. Avoiding luxury brands yet having a decent fun daily driving car that's a little fast.

op do this

he though he could withdraw crypto to pay taxe
withdrawing those crypto that would then be taxed next year forcing him to withdraw even more rince and repeat.

English may not be your first language, but you still have a better grasp of it than this cunt

nice to know, as a foreigner i ll keep an eye out on those auction.

exactly this I thought future expenses could come from my 800k crypto fund.

I know. Relying on a volatile asset class to PAY YOUR TAXES is beyond stupid.

Lmao holy fuck, how do you fuck up so badly, you could've continued to live with your parents and accumulate until you're rich enough to do whatever the fuck you wanna do but you had to waste it on dumb bs that will only continue to suck your blood

realtor.com/advice/finance/happens-buy-home-tax-sale/

See this is the problem. Had you grown up with a sense of money you would not make such retarded purchasing decisions. I grew up with money, it is gone now because my mom decided to separate from my father. You are going to make it user, rent that bitch ass house.

Lmao, that's why young people shouldn't be millionaires in a short amount of time. They end up doing retarded shit like this without knowing the consequences due to lack of experience.

This is not a young problem, it is a problem with growing up poor.

>7318942
What do old people do? They sit on 40-60k that does nothing in their bank, just rotting away from inflation and then complain they can't afford anything. And this is statistically the norm. So you can't say the older generation is smarter.

user I suggest reading a book called rich dad poor dad which will give you some financial literacy basics. Then I suggest you calculate how much passive income can you get a year from rent, then learn about taxes(YouTube, google etc). I'm guessing you got some time like a month to sort things out? So calculate how much you need to support your lifestyle before you can stop living with roommates or parents (whatever your current plan is). Also consider living in some other cheaper countries(watch out for uncle sams taxes again).

Overall start educating yourself on financial literacy and taxes. As I understand you still have roughly $1m combined and crypto seems to be at it's bottom.

Godspeed user

-Another 18 year old kid

I grew up poor and if I had 2 million I would think before spending it in stupid shit. My parents taught me to value money and how to spend wisely precisely for being poor.

I'm not saying older generstion is smarter but young people lack experience and don't know how real life works before they are 23 at least. They think in a very naive way. Ideally one should become millionaire gradually as they get older.

i know right
anyway this is a LARP no way anyone on biz would be so dumb.

Can I please, for the sake of humanity, confirm that this is just a dumb meme and entirely fictional. Please, I'm getting tired of the internet. Just tell me it's a larp. I don't know what is real anymore

>realtor.com/advice/finance/happens-buy-home-tax-sale/
yeah, nah i ll pass.
dont want to buy those house like those renovation show if it s a deed.
nore do i want to give money to a jewlawyer if the lient hasnt been paid after i purchased their tax debt...

I was just saying that age it not a good indicator. What you need is education to handle money and whether people make the effort to get it themself as school doesn't offer it, is at best very weekly corelated with age since the majority refrains from doing so til dead. In addition you skip all previous opportunities if ypi start later. Starting 10 years later in crypto for example is the difference between rich and fucking nothing.

When people say you should invest in property they don't mean you should buy yourself an expensive condo on the beach, they you mean you should buy as many small
apartments as you can afford and make poor people pay you monthly to live in them.

You should add the tax benefits. The glorious tax benefits you only get renting out and not living in it yourself cause only then does it count as a bussiness.

...

...

What should have been done by OP instead then?

MMMMMMMURIKA

If the larp is in fact not a larp, he should have cashed out $2M, paid his taxes, invested it in Government bonds since the market is about to crash, then enjoyed 10 years of a $50k salary for no effort, no risk, and then after 10 years maybe he won't be so god damn stupid.

Can you rent that condo out for over $6k/mo? Or AirBNB it for over $200/night with high turnover? That's the only way renting it is worthwhile. If you can't, which you probably can't, probably against your agreement with the condo, sell it outright. It's literally burning $100 cash a day to live there vs. a $1k/mo rental... lol.

Get as much of your money liquid as you can NOW, seriously, and put it mostly into boring safe investments. Buy a small house for like $100k with low property taxes and fix it up, make it cool inside, if you have any ability to do that yourself. If you don't, learn, being handy will get you far more pussy. If you don't want to do that, rent within the means of your yearly dividends on $1mil investment.

Trade the mercedes for a $10k restored classic car. Mid 70s to 80s. This will also impress others more (again, it will seem like you're handy) and get you far more pussy.

Take this advantage to gain credentials and skills, a resume, non bling social cachet, so even if you lose it all one day you aren't fucked. It's a lot harder to start doing that at 25, 30, I can tell you. Get on the path now.

i love Veeky Forums. leech off government and bitch about paying taxes they don't "owe"

You got to greedy to quick and didn't think ahead of what may happen. Should have started investing and buy some assets in other things as well before taking up a condo so if crypto would bust you'd have other assets and investments to fall onto.

>19
Still got a lot to learn, anyone else here that young wait till your at least 25-30 years of age with some more real life experience under your belt before you make such big decisions like wasting your money on a condo.

can confirm. 21 living with roommates and still dont know shit about filing taxes etc. Waiting till next year to hopefully get the personal finance class offered at my uni but it fills up instantly.

>nigger rich
>immediately blows all of his wealth on nigger possessions in an attempt to impress other niggers
You deserve the fucking the Israeli Revenue Service has in store for you.

Op u are so fucking retarded

If you want to learn a shit ton about tax prep, 401ks, IRAs, dividends, capital gains tax rates, schedule A/C, etc for free... go take the tax courses they offer at H&R block, Liberty, whatever other franchise. It's basically a free 6 week intensive course that teaches you everything you'd need to know. You can work there afterward if you want more experience or an actual job, but honestly you can just take the course and dip out before you work.

HAHAHAHAHAHAHA BITCH YOU'RE GOING TO JAIL!!!!! AHAHAHAHAHAHAHAHAHAHAHHAHHAAHHAHAAHHAHAHAHAHAHAHAHAHHAHAH GET FUCKED

>buying overpriced DeutchCuck car that drops in value
>buys overpriced room in a nigger infested city
Assuming this isn't bait, you're a literal retard and I have no empathy for you. You could've bought a reliable cheap car in full, a modest little apartment, and lived happily ever after. Now you come to Veeky Forums to complain? Maybe learn how to manage your money.