The digital asset's price shot from below $1,000 at the beginning of 2017 to over $19,000 in December, before plummeting in early 2018 to close at $8,630.65 on Monday, according to CoinMarketCap.com. But investors who cashed out around the height of the frenzy were left with a big tax bill. Without advance planning, it was an expensive shock to some.
In fact, trading cryptocurrencies reportedly left one Reddit user with a $50,000 debt to the IRS, which he says he's unable to pay.
"I feel like I might have accidentally ruined my life because I didn't know about the taxes," Reddit user Thoway, who says he earns $47,000 a year as an office assistant, posted March 14.
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