Hi Koinly community!
Let’s say I bought a coin at $1 each and received staking or interest rewards at a value of $10 each. In the US, I would owe income tax based on the rewards I received valued at $10 each. I want to sell the rewards for $10 each to secure the the income, but if I kept a FIFO cost basis throughout, I would end up paying taxes on the $9 realized capital gains since I originally bought the coin for $1 each.
I understand there is wallet based cost tracking, but I’m not sure how I would set up my wallets such that I can use FIFO in general, but sell staking/interest rewards based on the value I paid income tax for. In particular, I am interested in how to do this with ADA staking rewards and Celsius interest rewards.
Thanks in advance!