I would like to start using specific lots, rather than FIFO, for my capital gains tax calculation as it relates to bitcoin holdings.
If I sent coins to a specific wallet setup for the express purpose of identifying those transactions, would it work for this purpose?
For example, suppose I have a wallet A. I buy 10 bitcoins at $100 each on 2012/01/01 on exchange XYZ and send them to wallet A. I then setup wallet B. I buy 2 more bitcoin on 2017/01/01 for $1000 each, at the same exchange, XYZ, and send them to wallet B. Then I sell the 2 bitcoins from wallet B for $1200.
Would I be able to claim that since the bitcoins I sold were in wallet B and never touched those in wallet A that I could use the basis for the wallet B coins? That is, could I claim a profit of ($1200 - $1000) x (2) = $400, rather than the FIFO method, where I'd use the basis from 2012/01/01 coins, which would be ($1200 - $100) x 2 = $2200?