In the US you have a choice to FIFO or use selected lots to account for the cost basis for your gain. If you've already established the lots methods then that would work. If you've filled FIFO in the past then you'll need an accountant to advise how to convert. But yes this is very possible.
Don’t know why this just occurred to me now but if one deterrent for buying things with BTC is not wanting to deal with the tax consequences (realized gain) why not just (instead of buying with fiat) just buy the BTC on the spot and use it to transact.
IOW, if you buy and send immediately there’s no capital gain, unlike when you buy from a appreciated stash.
I know nostr:npub1ex7mdykw786qxvmtuls208uyxmn0hse95rfwsarvfde5yg6wy7jq6qvyt9 allows you to do this for Forex (wish they could do it for euros) but would be cool if you could buy $100 worth of meat at the farmer’s market buy going through Strike and they send it to the rancher in BTC.
Discussion
Actually even better would be for nostr:npub1ex7mdykw786qxvmtuls208uyxmn0hse95rfwsarvfde5yg6wy7jq6qvyt9 — if it hasn’t already — to let you spend fiat and convert to BTC instantaneously (but not convert back to another currency) and send to the merchant. That way, you spent only fiat, but the recipient got BTC via nostr:npub1ex7mdykw786qxvmtuls208uyxmn0hse95rfwsarvfde5yg6wy7jq6qvyt9, and you are not even engaging in a taxable transaction at all.
💯