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This is not tax advice - but couldn't you just hold them in one place for a year, convert them to dollars, and report them as long-term capital gains with a cos
by trothamel 9y ago
This is not tax advice - but couldn't you just hold them in one place for a year, convert them to dollars, and report them as long-term capital gains with a cost basis of $0? That might be wrong, but I don't think you could be penalized for _under_estimating your cost basis.
Note: I don't know this for sure, so if someone knows the right answer, would be good to know.
- idonotknowwhy 9y agoYeah thanks, that's sort of what I'm thinking of doing. I got most of then when bitcoin was $80 - $900, so I don't mind over pay tax. Just don't want my bank accounts frozen, assets seized, and to have to prove I'm not a drug dealer or something.
- htormey 9y agoListen to this podcast that Tyson and Jason (2 tax cpas who do a lot crypto) did: https://www.breaker.audio/unchained-big-ideas-from-the-worlds-of-blockchain-and/e/30531723 https://www.breaker.audio/unchained-big-ideas-from-the-world... It talks about this scenario. I’d also consider just hiring one of them.