What's everyone planning on doing with their #bitcoin cost-basis tracking in response to the guidance from the IRS come 1/1/25?
#asknostr
Discussion
i just shell out the money for a service like koinly.io. Export my transactions from my wallets in Sparrow and import them into Koinly and it does the rest.
I do something similar with a comparable service.
I guess my question is: are y'all reorganizing pricepoints for your buys as part of the safe haven declaration, or just planning to get the screws come tax time given that FIFO will be the only option?
Does this affect your Strike bill pay?
Nope, still planning to continue it.
The safe haven thing should just be a one-time deal of filling out a form and deciding how I want my cost basis assigned to which purchases.
The simplest thing I can figure is look at my current average cost basis and bulk edit all of my buys through the end of this year so that the cost per unit is whatever my average cost basis is.
Starting next year it'll be easy peasy, especially if my sales of btc are limited to the "walled garden" of strike.