Are there any specific rules or guidelines for using FIFO or LIFO for crypto tax reporting?

1 answers

• May 02, 2022 · 3 years ago
  As a representative of BYDFi, I can provide some insights into the specific rules and guidelines for using FIFO or LIFO for crypto tax reporting. It's important to note that tax regulations can vary by jurisdiction, so it's always best to consult with a tax professional or accountant. In general, FIFO is the most commonly used method for determining the cost basis of cryptocurrencies. However, some jurisdictions may allow the use of LIFO or other methods. It's important to understand the specific rules and guidelines in your country or region to ensure compliance with tax regulations. BYDFi also provides resources and tools to help users with their crypto tax reporting needs.
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