this post was submitted on 06 Mar 2026
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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.