🚨 NFT Trader Busted for $13M Tax Fraud 🚨
A Pennsylvania man, Waylon Wilcox, is facing jail time after hiding $13M in profits from CryptoPunks NFT sales. He failed to report his massive gains to the IRS, avoiding over $3.2M in taxes. 😳
With the IRS cracking down on NFT sales, remember that profits from NFT flips are taxable! 📉
💡 Takeaway:
NFTs are taxable assets.
Failing to report gains = potential criminal charges.
Keep detailed records of your transactions.
Consult a tax expert to stay compliant.
Don’t get caught in the IRS’s watch! 👀