So, apparently, the new rules were delayed by another year:
IRS Delays Implementation of New Crypto Cost-Basis Reporting Rules
Koinly already applied the migration to my account in preparation for this change, which I appreciated, but now I’m wondering if there’s any reason to remove that migration since it’s been delayed another year? I’m not sure if it matters? I’m in the US.
How do you know Koinly already applied the migration to your account? Did Koinly notify you?
@peacew6 check Aria’s answer below, it’s in Settings → Cost Basis → Migration tab
Well that’s good I guess. Had people scrambling during the holidays.
Hi @dropdx
The recent IRS decision clarifies that users in the U.S. can continue using any cost-basis method (e.g., FIFO, LIFO, or HIFO) for 2025. This provides more flexibility and removes previous uncertainty about switching to FIFO.
However, this does not impact Koinly’s cost-tracking migration plan. US users are still being migrated to wallet-based cost tracking to align with eventual IRS requirements. As mentioned in our Migration guide, this process will be finalized mid-Jan. If you’d prefer to cancel this migration, you can remove it from your Koinly settings:
1. Go to Settings in your account.
2. Locate the migration toggle and remove it.
This way, you can continue using universal cost basis method.
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