Crypto Loophole
- Yulia Langolf, CPA
- Jan 19, 2022
- 1 min read
When calculating your gains and losses on crypto sales, you may use HIFO method – short for Highest In, First Out. When sell your crypto, you may pick the specific unit you are selling. So you may choose the most expensive coin that you purchased and use that number to find out your tax liability. The higher your tax basis, the less tax on the sale. But remember that thorough bookkeeping is essential!
Comments