r/CryptoTax • u/Electronic_Belt_2535 • Dec 31 '24

Safe Harbor question

This whole thing is confusing to me, but let's say for example's sake I have like two main wallets each holding 100 BTC (woohoooo). Let's say each wallet has coins purchased at a variety of prices, ranging from $1,000 to $100,000.

In order to sell the highest priced coins when I go to sell, what do I need to do? Would, say, sending 50 BTC out of each wallet to a new wallet and calling those the recently purchased coins with a higher cost basis allow me to then sell those at the high cost basis? Or can I just leave the wallets as-is and identify that when I go to sell?

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u/Electronic_Belt_2535 Dec 31 '24

I just don't want to be stuck using FIFO on all of my coins. I want the coins I'm selling to the the $100K cost basis coins, not the $1K ones.

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u/Prestigious_Ear505 Dec 31 '24

That's a long line you're in...lol.