Cost Basis Methods
Cost Basis Methods provide different accounting approaches for calculating the purchase price of cryptocurrency assets when determining taxable gains or losses. These methods, including First-In-First-Out (FIFO), Last-In-First-Out (LIFO), and Highest-In-First-Out (HIFO), allow investors to optimize their tax reporting while maintaining compliance with regulatory requirements. Just as a store can track inventory costs differently, these methods offer flexibility in how cryptocurrency purchase prices are assigned to sales.
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