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
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
I don't pretty understand about this
and im looking on the internet what is IRS LIFO or HIFO FIFOIRS stands for Internal Revenue Service
FIFO and LIFO accounting are methods used in managing inventory and financial matters involving the amount of money a company has to have tied up within inventory of produced goods, raw materials, parts, components, or feedstocks
i still dont understand tho