Robinhood trader made $45k trading now faces $800,000 tax bill

[Master Teacher]

This is some of the worst advice I've seen about taxes
An offer in compromise is legit - but the rest of this

What the fukk are you talking about this wasn't tax advice, I just merely pointed out there's no fear from the IRS about taxes

if you're not laundering money or hiding millions dollars there's nothing be concerned about

I swear yall have the reading comprehension of six graders, I literally filed taxes for money I didn't and owed them hundreds of thousands of dollars and nothing HAPPENED

 

[ryderldb]

Imagine dudes reaction when he hit submit on turbo tax and that shyt popped up on his screen

TurboTax shows changes live like a slot machine too. Dude was seeing that shyt just keep going and going in the red like

 

[Michael's Black Son]

robinhood needs a easymode

crazy shyt is that folks would say “it’s already easy”

Robinhood done got more complicated over the last 2 years or so, especially with these partial shares and folks taking deep dives with these options.

 

[Kyle C. Barker]

.

 

[Field Marshall Bradley]

.

If this is true.. we’re finally getting somewhere

 

[Kyle C. Barker]

If this is true.. we’re finally getting somewhere

.nah I had to delete my original post because I thought it said he made 45 million trades.

Whether it's 45 million trades or $45 million dollars I wonder if he had a bot.

 

[Mowgli]

just go to prison and work it off.

Stupidity is a crime

 

[Field Marshall Bradley]

just go to prison and work it off.

Stupidity is a crime

No it’s not.... especially in this regard where no one is personally damaged by said financial act

 

[Mowgli]

No it’s not.... especially in this regard where no one is personally damaged by said financial act

Who is personally damaged by one person doing a lil insider trading.

Prisons don't exist just for personal damage

 

[Still Benefited]

how do you owe 800k in taxes on 1.4m in capital gains?...they saying his net profit of 45k is the same as a 1.4m capital gains income????...this story is fishy...

sounds like he made 1.4 million in gains trading on margin,But also lost about 1.36m. So he only profited 45K.
But he is unable to write off the losses because of how he was selling and rebuying.

 

[Bubba T]

how do you owe 800k in taxes on 1.4m in capital gains?...they saying his net profit of 45k is the same as a 1.4m capital gains income????...this story is fishy...

What they’re saying is that mathematically his net profit is 45k, but since all his trades were very short term, a lot of his losses are disallowed on a tax basis. Because these losses are disallowed, his capital gain is 1.4M. I surmise that capital gains income is all short term, and thus taxed as ordinary income.

 

[Formerly Black Trash]

TurboTax shows changes live like a slot machine too. Dude was seeing that shyt just keep going and going in the red like

on some looney tunes shyt

 

[THE MACHINE]

sounds like he made 1.4 million in gains trading on margin,But also lost about 1.36m. So he only profited 45K.
But he is unable to write off the losses because of how he was selling and rebuying.

Even if he netted 1.4m, he wouldnt owe 800k in taxes though so I still dont get it. The most you can pay in capital gains is 20% correct?

 

[Still Benefited]

What the fukk are you talking about this wasn't tax advice, I just merely pointed out there's no fear from the IRS about taxes

if you're not laundering money or hiding millions dollars there's nothing be concerned about

I swear yall have the reading comprehension of six graders, I literally filed taxes for money I didn't and owed them hundreds of thousands of dollars and nothing HAPPENED

I believe it,I remember one time I didn't file taxes and apparently they sent me a letter to work it out and pay what I owed.
I never saw the letter,but called the bank when the bank put about 1000$ of my 1100$ on hold.
They told me about the letter I should have got,told me about the hold and told me I needed to call them.
I just let them take the money and never responded.
I'd rather be robbed then extorted
Who knows IRS could be mostly scare tactics and scaring people into signing shyt.
I'm not willing to take risk to find out

Render unto ceasar what is his brehs

 

[CrimsonTider]

how do you owe 800k in taxes on 1.4m in capital gains?...they saying his net profit of 45k is the same as a 1.4m capital gains income????...this story is fishy...

If you read the story it you get the answer