NINJA TURTLE

Per Grok: Yes, there is a Safe Harbor rule under IRS Revenue Procedure 2024-28 that addresses how U.S. taxpayers should manage their Bitcoin and other digital assets in terms of cost basis allocation. This rule specifies that: Starting January 1, 2025, taxpayers must track cryptocurrency gains and losses separately for each wallet or exchange account. The IRS provides a Safe Harbor to help taxpayers transition their existing holdings. This involves allocating the unused basis of digital assets to specific wallets or accounts by January 1, 2025. Two methods are allowed for this allocation: Specific Unit Allocation: Taxpayers can assign specific lots of digital assets to specific wallets before any sales in 2025. Global Allocation: Taxpayers can apply a consistent rule across all holdings to allocate unused basis, which must be documented by the tax return due date for 2025. This Safe Harbor ensures that historical cost basis calculations are not challenged during an audit if the allocation is done according to the procedure's guidelines. It's crucial for taxpayers to document these allocations thoroughly to comply with IRS requirements. *** Ask Grok to give you an example of IRS Rules for Safe Harbor for both Specific Unit Allocation and Global Allocation for crypto