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Crypto Profits Calculation Right Approach -- How to Calculate Crypto Profits -- FIFO method
The LIFO method, on the other hand, assumes that the last goods purchased are the first goods sold. Both methods can lead to considerably different results. The. The ATO accepts that FIFO is the only available method for trading stock where specifically identifying the particular parcel is not possible. Since FIFO disposes of your longest-held cryptocurrency first, the method can help you take advantage of the long-term capital gains tax rates! What is LIFO?

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The most important thing is maintaining excellent records with details of each transaction � dates, cost basis, sale proceeds, etc. One advantage of using FIFO is its simplicity. While accounting methods can be hard to understand, this article will break down the pros and cons of each method with the help of a few visual examples. It might seem simple to compute your capital gains, but things can get tricky when you start combining multiple transactions.