Post
Topic
Board Legal
Merits 2 from 1 user
Topic OP
HIFO/LIFO vs FIFO
by
Unsaint32
on 25/12/2020, 23:03:17 UTC
⭐ Merited by hugeblack (2)
I heard IRS allows LIFO or HIFO method for crypto tax calculation (as oppose to FIFO), but LIFO/HIFO methods require more thorough transaction records keeping? 

1) Is that true?  Does IRS even allow LIFO or HIFO for crypto tax?

2) If true, using API to import transaction documents from Coinbase to Koinly satisfy the record keeping requirement?

3) Also, does using either LIFO or HIFO increase the likelihood of audit than using FIFO?

Thanks