12-08-2017, 05:05 PM
Good morning.
I have a question about converting BTC through Coinbase or wherever. I am trying to figure out a way to spend specific coins. For instance:
In order to reduce "capital gains" tax, I would like to spend recent coins mined. The IRS considers unidentified (not knowing when they were mined) as first in/first out. That would mean if I randomly converted coins from the beginning of mining (April 2017) I would I would be taxed 30/40% due to the fact that they were not mined more than a year ago. If I can isolate from my wallet coins the I (let's say) last month or so the gains would be less and I would minimize the hit. Thank you in advance for anyone's thoughts or knowledge on the subject..........Mine On!
I have a question about converting BTC through Coinbase or wherever. I am trying to figure out a way to spend specific coins. For instance:
In order to reduce "capital gains" tax, I would like to spend recent coins mined. The IRS considers unidentified (not knowing when they were mined) as first in/first out. That would mean if I randomly converted coins from the beginning of mining (April 2017) I would I would be taxed 30/40% due to the fact that they were not mined more than a year ago. If I can isolate from my wallet coins the I (let's say) last month or so the gains would be less and I would minimize the hit. Thank you in advance for anyone's thoughts or knowledge on the subject..........Mine On!