Thanks for the response.
1099-B are not accurate because the exchanges dont know my cost basis. I could have bought crypto on a cold or hot wallet multiple times. Then I transferred the balance PARTIALLY to the exchange, then sold it on the exchange. How would the exchange possibly know my original cost basis under FIFO or HIFO if I am not transferring the entire balance from my wallet?
The 1099-B will not report accurately my gains or loss and cost basis. This is why I need to rely on manual records.
I thought there was a way to tell Turbotax after or before you upload the csv, which accounting method you are using. Then Turbotax will look at all your transactions and automatically adjust the cost basis based on the method chosen meaning I dont need to perform this calculation to properly account for gains and losses and the remaining adjusted cost basis balance to apply for the following years.
Turbotax should handle this workload for me based on discussions with your team but no one is able to transparently show me where and what to update in my settings.
Help anyone?
