Last hurrah before turning to professional help: Hi guys, I am a retarded 22 year old that has screwed up big time. via /r/wallstreetbets


Last hurrah before turning to professional help: Hi guys, I am a retarded 22 year old that has screwed up big time.

I need help figuring out what I should do about this tax liability predicament that I find myself in. Let me take you on a journey of my bad personal decisions of the past 2 years. My first fuckup was discovering options in April of 2020, when stonks only went up. I put in hours to become acquainted with market terminology and studied options strats and stocks strats. Of course in the beginning it was a fun rollercoaster. Ultimately I ended up doubling my 5k account before i popped the question to the parents: “can i trade your money?” Little did I know that this jump would ruin my health and wealth…

In november 2020 i had experienced massive loss and was down 50k on our principal. Then I found out about spac investing and shot up 150k before the end of 2020. I was pumped! I paid taxes the following year and all was good. Early in 2021 i hit it big on gme and more spacs and made 200k in an account still in my name. I then sold and transferred all that money over into an account in my parents name. This was my biggest mistake.

Then came the crash of spac and popular growth stocks that sheep retail investors like myself scooped up, and long story short, my parents account ended -300k on the year of 2021, but the original account in my name is listed as up 200k on the year. I can’t file jointly with my parents, so i don’t know how to effectively file so that the IRS considers my family’s trading activity jointly. In other words, how do I avoid this huge tax bill that i can’t afford? I am an unemployed recent college graduate who’s already managed to ruin his life:( I’d really appreciate any input as I am really feeling the implications of my actions. Shame me, console me, advise me, notice me! Internet, please help.

man…i’m so fucked…can’t believe i’d be on this forum like this…

Submitted February 02, 2022 at 01:19AM by MassaOogway69420
via reddit