TurboTax will not provide the accounting method you are looking for. As noted previously you must designate the investments being sold before the fact, meaning before they are sold, or it will always be first in-first out (FIFO) under tax law.
The 1099-B will not be able to provide your correct cost basis. As you indicated, only you have the actual cost basis of the investment you sold.
If you did follow the steps in the FAQ shown here - 'How do I upload my CVS file of my crypto transactions?', and the cost basis is not correct, you will need to adjust it to the correct amount for each transaction. The CVS file you upload should include only the transactions you actually sold in 2024.
You can choose to enter 'summary' sales versus each individual sale. Your brokerage statements should include a summary of your transactions, grouped by sales category, for example, Box A short-term covered or Box D long-term covered.
Holding Periods:
- Long term is a holding period of more than one year (one year plus one day) and receives capital gain tax treatment (0%, 10%, 15%, 20% depending on your regular rate of tax)
- Short term is a holding period of one year or less and receives ordinary gain tax treatment (your regular rate)
@Joseph-karout
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