![]() ![]() is paying good rates for lending right now but this funky reimbursement mechanic along with their funky app is a real black mark against them.īest I can see to avoid tax implications (and this is not financial or legal advice) would be to deposit real US Fiat to the card to be used to pay for Netflix and Spotify. Since you can't sell your MCO tokens to fiat US within their system, you must sell your MCO tokens for BTC, ETH, XRP or LTC (triggering a taxable event), then sell that BTC, ETH, XRP or LTC for US Dollars which may trigger another taxable event. Lastly, to add insult, you can only "Top Up" (add dollars) to your MCO card by selling BTC, ETH, XRP and LTC or by fiat USD. By the time you convert them to dollars, they may be worth less than the reimbursed valueĢ) Converting MCO tokens to anything is considered a "taxable event" meaning, 20% of whatever gets converted is now legally owed to the IRS. There are a couple of big issues to consider. No big deal, right? Convert the MCO tokens to dollars and presto, you're reimbursed. ![]() Ok, so you have to "Top Up" the Visa card through the app each month. The fine print below does state, "MCO Rewards are paid in MCO Token to your Wallet App." So one of the incentive tiers for setting up a pre-paid visa card is "100%" reimbursement of your monthly Netflix and Spotify account (500 MCO tokens and 50 MCO tokens staking required respectively.) ![]()
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