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Crypto has taken the world by storm and many are not prepared with the complicated accounting that comes with it. One transaction(sell, trade, use, or dispose of cryptocurrency in any way and recognize a gain)The choice of accounting method, whether FIFO, LIFO, or HIFO, plays a crucial role in determining how much taxes an individual may owe. The method selected can result in either higher or lower taxes paid to the IRS
FIFO (First-In-First-Out):
Default method, commonly used by investors.
Helps reduce capital gains during falling prices.
Advantageous for long-term capital gains tax rates.
LIFO (Last-In-First-Out):
Sells the latest-acquired coins first.
May save on capital gains, depending on market conditions.
Consideration of holding period is crucial.
HIFO (Highest-In-First-Out):
Sells coins with the highest cost basis first.
Potential for significant tax savings in complex trading scenarios.
Net capital losses can offset other income.
IRS allows yearly switches but frequent changes may raise red flags.
Requires detailed records of acquisition and sale details.
