Different cost basis method per wallet/token | Feature requests (public)

Different cost basis method per wallet/token

Jack

I want to be able to choose a cost basis method (FIFO/LIFO) for each of my wallets or each of my tokens.

January 27, 2022

Orchid Wren

That’s sounds reasonably possible, though I am not sure such is permitted and could result in calculation errors, especially if switching from year to year. Though, wouldn’t be uncovered unless audited.

But I definitely can see the benefit.

Zaffre Wren

Orchid Wren: It's possible and allowed. bitcoin.tax offers this

Orchid Wren

Zaffre Wren: I meant by the likes of the IRS. 
I am just not sure what the IRS stance is concerning crypto since it is held by the individual. If left on exchange or using services like Nexo, BlockFi, etc; I wouldn't see any issue since it would be no different than investing with traditional institutions like Betterment, Foxhall, ect. 
It is the personal wallet and defi that can muddle things up and becomes questionable.
Like I said, I can see the benefit... but I also support the elimination of income and capital gains taxes entirely.