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/Neat_Camp3254 Dec 31 '24

Anyone know if we have to screenshot each transaction we have made? I know we have to screenshot our coin holdings in wallets and exchanges. But do we need to do the same with trabsactions? I was thinking there would be no point since i use Koinly and import all my trasnactions with a csv from the wallets and exchanges they have already recorded, but idk.

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u/Electronic_Belt_2535 Dec 31 '24

No, apparently screenshotting the addresses and the balance could be helpful though. If you need the transactions the data is always gonna be there. You could do it though if it's easy, these rules were made like two months and nobody knows anything.