LiontraeH
1.8K posts


@accounting So no changing this (LIFO, HIFO, FIFO) moving forward no exceptions? My situation is a bag of alts that I've had from the last cycle (and some <12 mo.) that ALL will be sold in 2025. I will HODL all BTC. Most should fall into LTCG, though some in STCG. NFA, but thoughts on basis?
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@LiontraeH For purposes of the safe harbor and allocating previous cost basis this is a one time thing
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@accounting Can you make a new cost basis election every tax year or is this one and done?
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Here are the notes:
Most crypto investors prefer to use their highest cost basis first when selling tokens; this results in reducing your gains in the short run.
In order to do so after 1/1/25, before the end of the year:
1) Make a list of all your exchanges and wallets
2) Save screenshots of your holdings of each token on each wallet
3) Complete the Safe Harbor Statement
4) Save for your records
Otherwise you could be stuck with FIFO or worse.
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@FluentInFinance Build a budget, remove all the unnecessary shit, pay God at 10% then you at 10% before your bills, Build up a 1 month emergency fund, stick everything you can in bitcoin.
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@EndWokeness WTF???!!! America is turning into a scary, unrecognizable place. We need to stop these whack jobs.
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@aaronbennett Brrrr. Thank the Lord for Bitcoin…who in their right mind would think to do this?
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@Vivek4real_ Just…I’d work a 40 hour week naked as a janitor in that mall for 100 BTC. I’d this a joke?
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