What are the best strategies for implementing FIFO and LIFO methods in a cryptocurrency portfolio?

1 answers

• Mar 06, 2022 · 3 years ago
  At BYDFi, we recommend using FIFO as the default method for managing a cryptocurrency portfolio. FIFO is widely accepted and recognized by tax authorities, providing a transparent and straightforward approach to calculating gains and losses. However, it's important to note that individual circumstances may vary, and consulting with a tax professional is always recommended. Implementing FIFO or LIFO methods requires careful record-keeping and attention to detail, but it can help optimize your portfolio management and ensure compliance with tax regulations.
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