How will Sweepcash be taxed in the US in 2024?
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5
Ṁ6169Jan 1
94%
Redemption to USD will be taxable (ordinary income)
86%
Withdrawal to USD will be taxable (ordinary income with purchase deductible)
5%
Every transaction will be taxable (ordinary income)
5%
Redemption to USD will be taxable (capital gain)
3%
Every transaction will be taxable (capital gain)
2%
No taxation
Resolves based on the most credible legal advice available at the end of the year.
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Withdrawal to USD will be taxable (ordinary income with purchase deductible)
@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?
Redemption to USD will be taxable (capital gain)
sold Ṁ141 Redemption to USD wi... YES
please don't rename options after people bet on them! or at least flag that if you do
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