How will Sweepcash be taxed in the US in 2024?
Plus
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.
This question is managed and resolved by Manifold.
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@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?
sold Ṁ141 YES
please don't rename options after people bet on them! or at least flag that if you do
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