Per Bungie they have confirmed in their update that Destiny 1 characters will reset for Destiny 2. This means that any progression, gear, weapons and most of everything you have done in Destiny 1 will reset.
Destiny 1 power, possessions, and Eververse-related items and currency will not carry forward. They will, however, remain accessible to you in Destiny 1.
The only thing that you will be able to carry with you over to Destiny 2 is the way your character looks as you have achieved to level 20. Also Bungie will be honoring Year 1 destiny players who are veterans.
We know that, just like us, you have grown fond of the Guardians you’ve created, so we do plan to preserve your character personalization. We are going to recognize the dedication and passion you’ve shown for this world. Specifically, the class, race, gender, face, hair, and marking selections for all characters that have achieved Level 20 and completed the Black Garden story mission will carry forward. We also plan to award those veteran accounts with honors that reflect your Destiny 1 accomplishments.