Different cost basis method for donations?

When I’m transacting normally, I’m happy with HIFO (“highest in first out”), to minimize my gains and minimize my tax burden today.

However, when I make a charitable donation with crypto, I want roughly the opposite: I’d like to donate coins that I have held for more than a year, and within that constraint to donate the coins that have the lowest possible cost basis. [This is standard strategy for donating in-kind assets in the US, e.g., Gifts of Long-Term vs. Short-Term Capital Gain Property - Gordon Fischer Law Firm ]

As far as I can tell, the “Donation” tag on Koinly prevents us from marking the donation as generating any capital gain or loss, which is good… but I don’t think it changes the cost basis method in this way(?). Would this be possible to implement?

Thanks so much! Really loving Koinly after having had much rockier experiences with multiple competing products.

@Javalasers howdy. In general you can’t switch between cost basis calculation method - you need to pick one and apply it to all your calculations. It’s also advised not to change your cost basis from year to year. Also, depending on the country you live in, you might only be able to use certain cost basis methods. Sorry - not the answer you were looking for :slight_smile: