How will Sweepcash be taxed in the US in 2024?

1.3kṀ6169

resolved Jan 4

Resolved

N/A

Redemption to USD will be taxable (ordinary income)

Resolved

N/A

Withdrawal to USD will be taxable (ordinary income with purchase deductible)

Resolved

N/A

Every transaction will be taxable (ordinary income)

Resolved

N/A

Redemption to USD will be taxable (capital gain)

Resolved

N/A

Every transaction will be taxable (capital gain)

Resolved

N/A

No taxation

Resolves based on the most credible legal advice available at the end of the year.

United States

Tax

Sweepstakes

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Have folks found a ruling? Tempted to N/A, the market did its job at eliciting private information 😉

@SirSalty purely to understand resolution criteria, could you clarify what "purchase deductible" means? Does this mean if you spend $5000 to buy sweepcash you could deduct that amount from your income as an expense? So if I then withdraw $5000 (net of fees) I result in net zero income taxes?