Replying to Avatar djmeistro✝️ πŸŠπŸ’Šβš‘οΈ

Hypothetical #asknostr question for accountants:

Let's say I want to sell some of my Bitcoin... My earliest purchases are going to be hard to calculate my cost basis because I didn't keep good records/the platform my now be defunct...

Let's say I want to use LIFO (since I do have better records of my cost basis). I currently DCA hourly so there's this past year lot of bitcoin that is short term holdings.

The question is can I choose to use LIFO on only bitcoin considered long term holdings?

#plebchain #growstr #accountingstr
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π•žπ•ͺ𝕑𝕒π•₯𝕙π•₯π• π•—π•šπ•£π•– 1y ago

For the earlier bitcoin, I would just try to estimate the approximate amount per month or year if possible and then take the average price per month/year and use that as cost basis. If you are asked for backup evidence you can give this explanation. NFA of course, see a tax advisor

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