quote:
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...

You'd take the price of the coin at the time it enters your wallet. There should be a time stamp when coins arrive and then when filing taxes, you can search based upon a given time, what the price of a coin is.

For my own knowledge bc I haven't looked into Safemoon, what do you mean you have gotten thousands of coins after your initial purchase? If you buy X amount, does X amount arrive in your wallet? If so, what are the other coins arriving for/from?

2 ...

Report Post

Posted by Stagliano

Member since Dec 2020

1655 posts

Posted on 4/20/21 at 11:40 am to TigerTatorTots

Whenever anyone sells and it takes 10% supposedly 5% is redistributed and 5% is burned. Thats how I understand it anyway

2 ...

Report Post

Posted by 22jctiger22

Member since Apr 2013

373 posts

Posted on 4/20/21 at 11:47 am to TigerTatorTots

quote:
For my own knowledge bc I haven't looked into Safemoon, what do you mean you have gotten thousands of coins after your initial purchase? If you buy X amount, does X amount arrive in your wallet? If so, what are the other coins arriving for/from?

The following was taken from the white paper on safemoon.net.

Each SafeMoon transaction is assessed a 10% fee/tax which is split two ways. 5% is redistributed to existing holders, and the other 5% is "split 50/50 half of which is sold by the contract into BNB, while the other half of the SAFEMOON tokens are paired automatically with the previously mentioned BNB and and added as a liquidity pair on Pancake Swap".

2 ...

Report Post

Money Talk - Replies to Post

Return To Board

Page 1

Return To Board