Crypto Taxes using CoinTracking: LIFO and FIFO

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From my understanding (and also cite [here](https://donnellytaxlaw.com/tax-expert-picking-the-best-method-for-reporting-your-cryptocurrency-gains/)) you are free to change the accounting methods used when filing taxes. For example, if you used FIFO in 2020 to report your crypto taxes, you can switch and use LIFO in 2021. This assumes that the LIFO calculation is based on the FIFO results of the prior year FIFO. But does anyone know how to actually implement this? I know CoinTracking allows you to pick FIFO and LIFO but does it base the taxes on the prior year’s tax report?

View Reddit by MindAtLarge412 – View Source



Free Bitcoins: FreeBitcoin | BonusBitcoin

Coins Kaufen: Bitcoin.deAnycoinDirektCoinbaseCoinMama (mit Kreditkarte)Paxfull

Handelsplätze / Börsen: Bitcoin.de | KuCoinBinanceBitMexBitpandaeToro

Lending / Zinsen erhalten: Celsius NetworkCoinlend (Bot)

Cloud Mining: HashflareGenesis MiningIQ Mining

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