Robinhood investing = $217k IRS tax bill?
I invested some money into stocks and some crypto over the past few years. I noticed that robinhood reports much higher numbers than actual purchases to the IRS. I've never actually sold anything at much of a profit either. A few months ago I received a letter from the IRS stating there was a $14.00 difference between what I actually reported on my taxes. I replied agreeing to the difference thinking it wasn't a big deal. Today I received another letter from the IRS stating I owed almost $217k in taxes and interest by July 19 for my 2020 taxes. I think I've only invested 130k total most in crypto but never really sold anything at a profit. When bitcoin was at 60k+ a coin i reached about $270k but i never sold anything. Now my total "investment" is 100k, 30k less than what i put in. I don't see how I can owe 217k. Pls help. I don't make much monthly.Less