Does Koinly plan to add specific identification as an accounting method as it has been approved by the IRS as an acceptable method for virtual currency tax reporting?
I would like to know this too, as there are times where specific ID accounting would be excellent.
Example
Purchase 1 unit of token A in January for $10 Fiat as an investment.
Wish to purchase a new token B with some token B in September. Unfortunately, I cannot purchase token B with fiat, but many exchanges support TokenA/TokenB exchanges.
I do not want to use my original lot of token A from January, as I want to avoid a capital gains event, so instead I want to purchase 1 more unit of token A and immediately exchange it for token B.
With FIFO this exchange will use the cost basis of Januarys purchase rather than today’s and if the price has gone up I will incur capital gains. I’d much prefer to use specific ID in this case so that I may directly allocate today’s purchase of Token A as the unit used for the exchange between Token A/B and thereby avoid a gain.
Is there any plans to support this? There are many blog posts from Koinly about this method, but I cannot see support within the application…