{"id":159356,"date":"2025-06-08T19:00:26","date_gmt":"2025-06-08T16:00:26","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=159356"},"modified":"2025-06-08T05:39:57","modified_gmt":"2025-06-08T02:39:57","slug":"how-one-musicians-3m-nft-success-turned-into-a-costly-tax-lesson","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/how-one-musicians-3m-nft-success-turned-into-a-costly-tax-lesson\/","title":{"rendered":"How One Musician\u2019s $3M NFT Success Turned Into a Costly Tax Lesson"},"content":{"rendered":"<p>After earning $3 million by selling thousands of his songs as NFTs in early 2022, Mann <strong><a href=\"https:\/\/x.com\/songadaymann\/status\/1930642287085674901\" target=\"_blank\" rel=\"nofollow\">found<\/a> <\/strong>himself facing a massive tax bill and a portfolio in freefall.<\/p>\n<p>Hoping for further gains, Mann and his wife chose to hold onto their earnings in Ethereum. But when the market turned and ETH began to slide, they were unprepared. Despite the shrinking value of their assets, U.S. tax law still treated the income at its original value\u2014leaving them owing over $1 million to the IRS.<\/p>\n<p>In an attempt to delay selling at a loss, the couple used ETH as collateral for a loan on Aave. But when the Terra ecosystem collapsed, it triggered a wave of liquidations, including Mann\u2019s. In an instant, 300 ETH vanished\u2014effectively erasing years of creative work.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/eu-eyes-defi-rules-without-defining-what-it-is\/\" title=\"EU Eyes DeFi Rules Without Defining What It Is\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2024\/07\/pexels-eu-europe-253311_1280-240x170.jpg\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">EU Eyes DeFi Rules Without Defining What It Is<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>Faced with the threat of losing their home and retirement savings, Mann dug into his digital vault and sold a rare Autoglyph NFT for $1.1 million\u2014just enough to settle the tax debt. Fortunately, the previous losses meant he didn\u2019t owe capital gains on the sale.<\/p>\n<p>Despite the ordeal, Mann continues his daily song project, still minting NFTs and hoping for a second act\u2014this time with a clearer financial strategy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Jonathan Mann, the creator behind the long-running \u201cSong A Day\u201d project, has turned his crypto misfortune into a musical cautionary tale.<\/p>\n","protected":false},"author":3,"featured_media":143228,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[22],"tags":[],"class_list":["post-159356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ 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