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
Yes, if you can specify which bitcoin you're selling.
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So let's say in a year from now I want to sell more bitcoin, the short term lots that have become the newest long term lots would be sold first, correct?
Yes. As long as you track it and can prove it to the IRS, you're good 👍
