planbeforeyougain

💥He Made $3M from NFTs… Then Lost Everything 💥💸
Jonathan Mann — known as the “Song A Day” guy — lived the Web3 dream… until taxes turned it into a nightmare.

💰 $3M in a Flash
On Jan 1, 2022, he sold 3,700 songs as NFTs for around $800 each.
That’s $3M in $ETH — NFT jackpot.

😬 Didn’t Cash Out = Tax Disaster
He and his wife held onto the ETH, hoping it would climb higher.
Instead, the market tanked.
Now?
📉 A $1.1M tax bill — based on ETH’s value at the time of sale.

🏦 Tried DeFi, Got Burned
He borrowed against his ETH on Aave.
But when prices dropped, his collateral vanished.
300 ETH — liquidated.

🎶 Turned the Loss Into a Song
He sang his story:
“I made $3M… and lost it all.”
His actual IRS bill? $1,095,171.79.

⚠️ Lesson for Crypto Users
Big profits = big tax responsibilities.
No strategy? No funds.
Always plan ahead — even in a bull market.

#CryptoTaxes #NFTLessons #DeFiRisks #PlanBeforeYouGain