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#xxxxxxxxx. Date of cryptocurrency purchase depends on how my CPA handled it last year, right? LIFO or FIFO etc.

 
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DawnC
Expert Alumni

#xxxxxxxxx. Date of cryptocurrency purchase depends on how my CPA handled it last year, right? LIFO or FIFO etc.

Yes, you are going to need the purchase dates to determine your holding period and a cost basis to report your sales.  

 

In 2014, the IRS issued Notice 2014-21, 2014-16 I.R.B. 938 (PDF), explaining that virtual currency is treated as property for Federal income tax purposes and providing examples of how longstanding tax principles applicable to transactions involving property apply to virtual currency.  The frequently asked questions (“FAQs”) found here expand upon the examples provided in Notice 2014-21 and apply those same longstanding tax principles to additional situations.

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DawnC
Expert Alumni

#xxxxxxxxx. Date of cryptocurrency purchase depends on how my CPA handled it last year, right? LIFO or FIFO etc.

Yes, you are going to need the purchase dates to determine your holding period and a cost basis to report your sales.  

 

In 2014, the IRS issued Notice 2014-21, 2014-16 I.R.B. 938 (PDF), explaining that virtual currency is treated as property for Federal income tax purposes and providing examples of how longstanding tax principles applicable to transactions involving property apply to virtual currency.  The frequently asked questions (“FAQs”) found here expand upon the examples provided in Notice 2014-21 and apply those same longstanding tax principles to additional situations.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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