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by MithrilTuxedo 2058 days ago
I've done it before.

I asked if I could pay with BTC and my bank passed it up until they got word back from Fanny Mae that it was okay so long as you can demonstrate X years of ownership. I think they made a public announcement about it. It was shortly after BTC hit its peak a couple years ago. Coinbase let me export something that satisfied the bank and government that I wasn't money laundering (I'd bought the BTC many years before for less than $10k with money for a bank account I still owned, so I could show the transactions there too).

For my taxes, Coinbase has a tool for exporting that calculates that sort of thing. You just select the time range and it gives you all the transactions and how much they appreciated from when you last bought that much.

2 comments

How does it handle cost basis? Does it let you select individual lots to be sold per transaction?
It seems like most people go with a simple FIFO or LIFO strategy, and crypto transaction tools support usually one or the other or both. Tracking cost basis for specific coins is considerably less common and I'm not sure what tools off hand even support that - none of the major exchanges that I'm aware of.
Huh. I wonder how they handle proof of ownership with self custody.