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re: Safemoon crypto currency up 4783% in a month
Posted on 4/20/21 at 11:03 am to zzgobucky
Posted on 4/20/21 at 11:03 am to zzgobucky
quote:This is correct.
Depends on how quickly you convert. The price of BnB coin doesn't matter if you quickly convert it to safemoon. And vice-versa, when you want to sell, you can convert it to a stable coin like tether,which is always $1.00
And everyone needs to note that anytime you jump from USD to Coin X to Coin Y back to Coin X to USD, each jump is a taxable event.
For example: buying BNB, converting to Safemoon, converting back to BNB and then converting to USD is 3 taxable events.
This post was edited on 4/20/21 at 11:05 am
1
Posted on 4/20/21 at 11:30 am to TigerTatorTots
quote:
And everyone needs to note that anytime you jump from USD to Coin X to Coin Y back to Coin X to USD, each jump is a taxable event.
For example: buying BNB, converting to Safemoon, converting back to BNB and then converting to USD is 3 taxable events.
Curious how one would determine the cost basis for the SafeMoon coins that are continuously redistributed to your account as transactions by other buyers and sellers complete? Since my initial purchase made only hours ago, thousands of coins have been added to my balance...
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