john on Nostr: Not exactly but I really don't feel comfortable giving advice about this. Please ...
Not exactly but I really don't feel comfortable giving advice about this. Please watch the video. Ill try to summarize though, you used to be able to buy bitcoin at cost basis X on platform A and then sell bitcoin on platform B (previously bought at cost basis Y) but for IRS purposes report the sale at cost basis X if it fit your cost basis method FIFO LIFO , etc. Going forward you are no longer going to be permitted this global allocation and will have to allocate on a wallet-by-wallet basis so if you consolidate your coins on one platform/wallet and/or do a internal formal allocation of cost basis on a wallet by wallet basis you can lock that in going forward and get a once in a lifetime opportunity to change your cost basis method, e.g., from FIFO to LIFO or whatever. Again, not accounting advice, this is my basic understanding to summarize please ask an accountant and watch the video
Published at
2024-12-23 14:45:33Event JSON
{
"id": "c88aa6e991d24a721ff931ff5fd38ecac01b3b8297d0b55d4e344704a8380562",
"pubkey": "67ada8e344532cbf82f0e702472e24c7896e0e1c96235eacbaaa4b8616052171",
"created_at": 1734965133,
"kind": 1,
"tags": [
[
"e",
"62459330a15588656aaca6e285a2dcc00c27d4862fbc74d167c3f2ba091763d3",
"",
"root"
],
[
"e",
"14719e38172a51c72531620d8b73ab2e4cc6feb03a890f6b53e787c23e984b56",
"",
"reply"
],
[
"p",
"67ada8e344532cbf82f0e702472e24c7896e0e1c96235eacbaaa4b8616052171"
],
[
"p",
"3ec97185b3251b43e7ebac2d720123daa17ebb3640b879657c41e440daffb897"
]
],
"content": "Not exactly but I really don't feel comfortable giving advice about this. Please watch the video. Ill try to summarize though, you used to be able to buy bitcoin at cost basis X on platform A and then sell bitcoin on platform B (previously bought at cost basis Y) but for IRS purposes report the sale at cost basis X if it fit your cost basis method FIFO LIFO , etc. Going forward you are no longer going to be permitted this global allocation and will have to allocate on a wallet-by-wallet basis so if you consolidate your coins on one platform/wallet and/or do a internal formal allocation of cost basis on a wallet by wallet basis you can lock that in going forward and get a once in a lifetime opportunity to change your cost basis method, e.g., from FIFO to LIFO or whatever. Again, not accounting advice, this is my basic understanding to summarize please ask an accountant and watch the video",
"sig": "15ed2fd31935994813216125954ffe7ecc545b4bd054bef7229d8ed9c58465b71ca5ed1f6e65564de04c5177c5029038f39979180f7d2951291ef91c1df9445d"
}
