Support for Specific Identification Cost Basis Method for Lots
submitted
Azure Moped
Users Feature Request:
Enhance CoinTracker to support specific identification for cryptocurrency transactions/lots, allowing users to selectively identify which coins/lots are being disposed of in each transaction for tax purposes. This method offers an alternative to the First In, First Out (FIFO) method and can be beneficial for tax optimization. Specific identification requires detailed tracking and reporting capabilities to comply with US tax regulations and potentially other jurisdictions where similar options are permissible.
More Information:
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Keywords: specific identification, US tax rules, cryptocurrency taxes, FIFO, tax optimization
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Sarah R - CoinTracker
submitted
Sam - CoinTracker
Merged in a post:
Allow custom assignment of each sale/send to a buy/receive (custom cost basis)
Justinjoylife
Allow me to manually assign each sell/send to each purchase/receive to maximize benefit. This is done by listing all sales/sends and having a dropdown menu next to each send/sale that allows me to pick which buy/receive pool it came from. For example: I just sold .1BTC and I have to choose if I want to pull from my purchase last year or this year or both! Update estimated taxes in realtime. YES THIS IS HARD! But Killer feature! Letme know if you want a mockup.
Eivind
Merged in a post:
Specific Identification Method
C
CT-jO3WrBzO
Would like to see the ability to do specific identification easily within CoinTracker. There are times where you want the highest priced tokens identified and others when you want to take LT cap gains.
Eivind
Merged in a post:
Support for Specific Identification
C
CT-LXdbVJYq
Add support for the Specific Identification method of crypto accounting.