http://www.nypost.com/p/news/local/irs_says_this_broke_ny_hipster_better_YO0mGaltl4KryhYx53iU8L
Guy never made money but owes more than Bloomberg/Buffett/Gates combined. Key thing is the last paragraph:
The number was likely generated by the total amount of trades he made, instead of the profit he earned from them, one tax expert said, adding that's a typical move by the IRS when returns aren't filed.
So the lesson here is list EVERY trade and don't be lazy.
Guy never made money but owes more than Bloomberg/Buffett/Gates combined. Key thing is the last paragraph:
The number was likely generated by the total amount of trades he made, instead of the profit he earned from them, one tax expert said, adding that's a typical move by the IRS when returns aren't filed.
So the lesson here is list EVERY trade and don't be lazy.