A few years ago I ended up with some bitcoins spread over the internet worth maybe 100 bucks. I forgot about them until the recent price spike and discovered I have a few grand. The problem is that 95% of that comes from an exchange which only shows me trading records for 3 months (I just pulled everything to a different exchange). My question is can I essentially 'reset' all of my coins by taking the cost basis to be $0, selling all of them and immediately buying back? I would take the capital gain of the entire value but my tax bracket for this year will be 15%, so my long term capital gains rate should be 0% right?
Is this a legitimate way to move the cost basis for my coins up and avoid future issues or am I overlooking something?
Submitted December 26, 2017 at 12:17PM by CHARLIE_CANT_READ http://ift.tt/2DWLdzh
