Custom Cost Basis Method

  1. Assign cost basis per year, per token, and per transaction.
  2. Toggle button to lock cost basis/lot assignment after each tax year.
  3. Wash loss loophole

I’ve been using Bitcoin.tax for years and have been able to adjust cost basis per token, which allows me greater flexibility in how I want to report my G/L. Some tokens I want to report minimal gain while others I want to report minimal loss. These are two very different cost basis methods! It would be best to be able to select tax lot every time a trade takes place, like you can do that with stock trades.

It’s also important to be able to “lock” cost basis of previous years/transactions as not to affect new tax years. Right now, the cost basis method applies universally across all years and we’re stuck with whatever we selected previous years. This is a huge inconvenience and makes Koinly useless if I decide I want to change cost basis but can’t because it would mess up previous years which have already been reported to tax authorities.

Lastly, why we should add feature to assign cost basis (tax lot) PER trade is because currently the wash loss rules don’t apply in the US, so traders can sell one token with maximum loss (highest cost basis) and buy back immediately while wishing to select FIFO or LIFO on other trades.

Please update this ASAP! It’s what traders care about, minimizing their taxes!

Totally agree please do this ASAP!!!

+1 Please can you do this, allow the ability to adjust the cost basis PER trade.

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