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<blockquote data-quote="CleanSlate" data-source="post: 1108106" data-attributes="member: 183">I found this article on Forbes:<a href="https://www.forbes.com/sites/laurashin/2015/12/16/bitcoin-at-tax-time-what-you-need-to-know-about-trading-tipping-mining-and-more/amp/" target="_blank">https://www.forbes.com/sites/laurashin/2015/12/16/bitcoin-at-tax-time-what-you-need-to-know-about-trading-tipping-mining-and-more/amp/</a>The most relevant parts to this thread here:And how to account for your trades (LIFO = last-in-first-out, FIFO = first-in-first-out):In bitcoin.tax, you can select FIFO, LIFO, Average Cost, and a few other methods to see which gives you less tax liability. But it sounds like the IRS will only accept either LIFO or FIFO. I'll ask my accountant, and encourage U.S. guys to do the same... especially if a lot of money is at stake and with the IRS subpoena on Coinbase/GDAX.</blockquote>

[QUOTE="CleanSlate, post: 1108106, member: 183"] I found this article on Forbes: [URL]https://www.forbes.com/sites/laurashin/2015/12/16/bitcoin-at-tax-time-what-you-need-to-know-about-trading-tipping-mining-and-more/amp/[/URL] The most relevant parts to this thread here: And how to account for your trades (LIFO = last-in-first-out, FIFO = first-in-first-out): In bitcoin.tax, you can select FIFO, LIFO, Average Cost, and a few other methods to see which gives you less tax liability. But it sounds like the IRS will only accept either LIFO or FIFO. I'll ask my accountant, and encourage U.S. guys to do the same... especially if a lot of money is at stake and with the IRS subpoena on Coinbase/GDAX. [/QUOTE]

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