What cost basis methods can I use for crypto in my foreign-owned LLC — FIFO, LIFO, or specific ID?
I've accumulated Bitcoin over several years through my LLC, buying at different prices. Now I'm selling some. My crypto tax software lets me choose between FIFO (first in, first out), LIFO (last in, first out), HIFO (highest in, first out), and specific identification.
Which methods does the IRS actually allow for crypto? Can I use HIFO to minimize my gains? And once I pick a method, can I change it later? I want to be strategic about this.
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