People think that if they bought 10 BTC ten years ago at $1000 and put in cold storage and then last week bought 1 BTC for $120,000 and left it in an exchange and sold it this week for for $115,000less they won’t have to pay taxes. In reality the tax liability is on the $114,900 profit from the $100 BTC sold for $115,000. FIFO.
Discussion
Oops typos the first buy was $100 not $1,000
Is there a work around for FIFO? Is this the case for all transactions in USA? I’ve been trying to get my head around this for the last few days
Nope.
Here’s is your work around…. https://stocks.apple.com/A8h_tEw3DTROh1RcBtK80Aw
Only when there is no dollar….