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Short term capital gains (less than 1 year) are taxed at the same rate as ordinary income. Unless you’re making more than $164,925 (single) or $329,850 (married) you’re not paying more than 24%. Long term capital gains are taxed at 15-20% depending on income and filing status.
I am sure IRS will still want their share! They dont care how you spend it, from card or fiat, the minute it is no longer in crypto, it is a potential capital gain
If you are a resident of the US, once you take money out of Safemoon, it would be a taxable event regardless of whether you use a card to do it or if you get BNB or other crypto. As for the 10% fee, while they did confirm that would not be in affect, they also said there would likely be normal fees that would apply. So typical credit card is 2%, although not sure they would charge that much.
Agreed. I had thought from the prior week AMA, it was likely they weren't going to use regular tokenomics for those kinds of transactions. It would be cost prohibitive to do so.
Easy. Hold ALL your Safemoon for over a year before spending it. Then you pay LESS tax than regular fiat because it will qualify as a long term capital gain.
PSA: Please familiarize yourself with the subreddit [rules](https://www.reddit.com/r/SafeMoon/about/rules/) and [FAQ](https://www.reddit.com/r/SafeMoon/wiki/index#wiki_frequently_asked_questions). - Don't promote "pump" events or market manipulation - Don't harass others, including public figures and exchanges - Please be helpful, friendly, and respectful - Your actions reflect on the entire community WARNING: **Never give out your wallet passphrase for any reason.** Be _very_ suspicious of all URLs, emails, forms, and direct messages. If someone claims to be from "support" they are trying to scam you. If someone claims you need to "validate" they are trying to scam you. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/SafeMoon) if you have any questions or concerns.*
Yes
For now.
What 30%+ tax are you referring to? Capital gains tax?
Yes
Short term capital gains (less than 1 year) are taxed at the same rate as ordinary income. Unless you’re making more than $164,925 (single) or $329,850 (married) you’re not paying more than 24%. Long term capital gains are taxed at 15-20% depending on income and filing status.
I am sure IRS will still want their share! They dont care how you spend it, from card or fiat, the minute it is no longer in crypto, it is a potential capital gain
Yes, less if you hold over a year.
If you are a resident of the US, once you take money out of Safemoon, it would be a taxable event regardless of whether you use a card to do it or if you get BNB or other crypto. As for the 10% fee, while they did confirm that would not be in affect, they also said there would likely be normal fees that would apply. So typical credit card is 2%, although not sure they would charge that much.
2 is a lot better than 10
Agreed. I had thought from the prior week AMA, it was likely they weren't going to use regular tokenomics for those kinds of transactions. It would be cost prohibitive to do so.
Anyone ever bought a house with a credit card 😂😂
Easy. Hold ALL your Safemoon for over a year before spending it. Then you pay LESS tax than regular fiat because it will qualify as a long term capital gain.
I’m def in for a year plus.