Long term cap gains tax question

I’m in the United States

So with stocks, if you’ve bought a bunch of shares of the same stock at different times, there is lot info from your broker about which shares were purchased when. When selling, you can choose which lot/shares you want to sell, for example choosing shares from a lot purchased over a year ago to get the long term capital gains.

With crypto, there is no such lot identification. if you have purchased at multiple different points in time, and then go to sell at some point, how does the gov determine “which” of the crypto you’re selling, the coin you bought last week, or the the coin you bought two years ago.

How would I ensure I’m selling crypto I’ve owned over a year to get the long term designation? This confuses me because it seems like one coin/fractions of a coin are purchased and in your wallet there’s no way to distinguish them from coins purchase at a different time. Anyone dealt with this issue?

submitted by /u/trulyslide6
[link] [comments]

Leave a Reply

Your email address will not be published. Required fields are marked *