I bought it in the early days and moved several times due to security reasons. As a result, I’m unable to prove its origin. What would be a viable strategy to cash out?
I bought it in the early days and moved several times due to security reasons. As a result, I’m unable to prove its origin. What would be a viable strategy to cash out?
Depends on your country. Consult a tax attorney, likely the situation would be that it counts as pure profit since you can’t prove how much you initially spent to acquire it.
Tax is not a problem at all, even if I have to declare the whole amount as pure profit. My main concern is a failed SoF check, which could potentially lead to a block on my crypto.
Don’t move the funds without consulting that tax attorney. You may be able to get long term capital gains consideration if you can show its been sitting for long enough.