Trying to sell some of my short term holdings. Want to keep my long term ones.
hodl your DOT
Excel
Cointracker
Thank you.... I don't think I asked my question well enough. Coinbase only gives you the option to sell a specified amount of crypto. It does not give you the option to sell specific lots of crypto purchases. For eg.... If I wanted to sell my newest purchase for tax purposes. If I just sell the equivalent amount and they sell my earliest purchase and report to the IRS that I sold my earliest purchase then the tax liability will be very different from what I wanted to do and how Coinbase implemented it. In my stock brokerage, I can choose which specific tax lot I want to sell and all cost bases are calculated based on FMV of purchase date and length I held on to the asset. How do you guys sell crypto but allows you the manage taxes. I'm not asking how to keep track. I'm looking for ways to execute a specific trade. TIA
AFAIK this "tax lots" concept just doesn't exist like in a traditional brokerage for stocks. You could move the crypto to cold storage (and you definitely should!!!). Coinbase et all does not keep track of this, nor do they generate any tax docs for you. It's up to you to keep track of the lots and report appropriately if you sell or transfer to someone else. I might be wrong. This is just my understanding. Hence my "Excel" answer. I just keep track of the amounts bought + date in a spreadsheet. Someone please correct me if i am mistaken!
Thank you.... All my reading suggests you are right. If you have detailed records you can claim it any way you want to minimize tax liability and can point to the records to back it up.
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Use bitcoin.tax website