Describe the problem: In the US, the IRS recently released the requirements for the transition to per-wallet tracking in order to implement the form 1099-DA with crypto brokers for better transparency starting in 2025. In doing so, all of those people who have been using universal tracking are in a…

Hi @sltmunky69 Thank you for the information. We will continue to monitor changes in U.S. tax regulations and implement necessary updates as soon as possible. In the meantime, if you have any feedback or suggestions for features you’d like to see in Koinly, feel free to share them on our feedback …

This feature definitely be needed for 2025

[image] Would the highlighted settings here be sufficient in complying with the new regulations when it comes to the cost basis tracking, or am I missing something else? I had this in my settings as soon as I started in Koinly. I wanted to know if there is anything I should do differently in ligh…

Hi @Panda_Gaming Your settings seem to be for Canada while this discussion is for the changes in the US tax law.

Hi @Panda_Gaming @peacew6 @sltmunky69 @Rigsss Thanks for your patience. We have just released an article on this case. Please check it out: Migrating to wallet-based cost tracking under new IRS guidance (USA only)

@Aria_Koinly After reading the article, I still have a few questions. Can you please confirm the following? Optimizing the wallets (addresses) is only beneficial if my accounting method is FIFO. If I elect HIFO, the coins with the highest cost basis will get sold first so optimizing wallets doesn…

Also, if exchanges will be sending their wallet based 1099 to the IRS how will they know the cost basis for the tokens being sold? Will their wallet override the wallet the tokens were in before sending them to be sold. There’s no way I’m keeping my coins in a CEX wallet not after what happened wit…

CEXs will have require you to provide the cost basis of the coin you’re transferring to them.

OK - that’s fine - would be great if there could be integration at some point - but having a service like Koinly certainly makes this relatively simple.

New 2025 US Tax Regulations - Universal to Per-Wallet Cost Basis Transition

Koinly Support

Aria_Koinly October 23, 2024, 5:51pm 4

Hi @Rigsss

Our developers are working on this at the moment.

IRS Safe Harbor - Per wallet cost basis, FIFO, and Specific Identification

Topic		Replies	Views
🚨 Migrating to Wallet-Based Cost Tracking Under New IRS Guidance (USA Only) Announcements	14	3420	May 6, 2025
IRS Safe Harbor - Per wallet cost basis, FIFO, and Specific Identification Tax Questions	15	8038	January 7, 2025
Proc 2024-28 Safe Harbor and changing tax accounting method Tax Questions	2	1091	January 7, 2025
Will changing "wallet based cost tracking" affect the calculations of former years? Koinly Support	0	723	January 12, 2022
IRS Delays Crypto Tax Reporting Requirements Until 2026 Tax Questions	4	1443	January 10, 2025

New 2025 US Tax Regulations - Universal to Per-Wallet Cost Basis Transition

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