Re: HIFO/LIFO vs FIFO

Quote from: Unsaint32 on December 26, 2020, 05:50:49 PM

Thank you so much for your answer.

Based on your advice, I did some more research and now I am almost certain FIFO and LIFO (even HIFO) are acceptable to IRS.

https://gritdaily.com/irs-releases-new-rulings-cryptocurrency-taxes-2019/
https://donnellytaxlaw.com/tax-expert-picking-the-best-method-for-reporting-your-cryptocurrency-gains/

Koinly allows me to compare FIFO, LIFO, HIFO for my capital gain. For me, LIFO was about 1/2 of FIFO.

Thank you.

Does the IRS expect the FIFO/LIFO/HIFO methods to be applied to all the crypto assets owned by the tax subject (even those not used for trading at all), or is it applied within one exchange at the time?