Claim it as a loss on your taxes since it is an investment. Now it is “worth” whatever taxes were paid on 635,000 dollars of income, which I would guess is in the 100K - 300k range.
That doesn’t help that he actually paid $635,000 for it and now it’s worthless.
It’s as if he took half a million dollars and just set it on fire. Being able to claim a loss on his taxes, if that’s allowed (which I’m pretty sure it isn’t), doesn’t really help with that.
Or… He either didn’t actually pay that money… Or the money went to someone or something he wanted to give 635,000 dollars to already, and writing it off on his taxes is an additional side benefit.
I guess it’s possible… But I’d consider the fraudster who famously committed financial frauds, participating in more financial fraud, to be a much more probable scenario.
Claim it as a loss on your taxes since it is an investment. Now it is “worth” whatever taxes were paid on 635,000 dollars of income, which I would guess is in the 100K - 300k range.
That doesn’t help that he actually paid $635,000 for it and now it’s worthless.
It’s as if he took half a million dollars and just set it on fire. Being able to claim a loss on his taxes, if that’s allowed (which I’m pretty sure it isn’t), doesn’t really help with that.
Or… He either didn’t actually pay that money… Or the money went to someone or something he wanted to give 635,000 dollars to already, and writing it off on his taxes is an additional side benefit.
Or aliens descended from space and messed with everybody’s minds so we all think that he’s a real person.
C’mon, stick to reality.
I guess it’s possible… But I’d consider the fraudster who famously committed financial frauds, participating in more financial fraud, to be a much more probable scenario.
Just accept the reality that dumb people make dumb “investments”.
Sure, and accept that this guy has a few million dollars and can afford to pay for some “creative” accounting.
Which still means he lost more than half a million dollars from a bad investment.
Clearly, you didn’t bother to read the other comments in this very thread before you posted this.