Key Notes

Musician Jonathan Mann made $3 million from selling his songs as NFTs in January 2022.

As the Ethereum price crashed in the same year, so did the value of his earnings.

Still, the Internal Revenue Service office taxed him on the basis of the price he paid for the holding when he first received it.

Jonathan Mann, an American singer and songwriter, recently experienced a notable crypto loss due to the market crash. The musician behind the “Song A Day” project lost the $3 million he earned from the sales of Non-Fungible Tokens (NFTs) in part to crypto tax.

From $3 Million Win to $1.1 Million Tax

Consequently, Mann has turned his ordeal into a musical tale, advising other investors to be cautious. He shared his new track on X, recounting how he made the $3 million.

According t

See Full Page