Topic: US tax- accounting method (Read 642 times)
Generally the IRS assumes first in first out, but there are unique cases where average cost is used instead(mutual funds, for example). If you wish to use a method other than FIFO, consult a tax professional.
OK, now that we've established what BTC is for tax purposes, what type of accounting do you use?
First-in First-Out, Average Cost, Specific Identification (Last-In-First-Out, Highest-Cost-First-Out, Closest-Cost-First-Out), or something else?
- Which is legal to use?
- If more than one is legal, which is better?
First-in First-Out, Average Cost, Specific Identification (Last-In-First-Out, Highest-Cost-First-Out, Closest-Cost-First-Out), or something else?
- Which is legal to use?
- If more than one is legal, which is better?
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