What is the best way to calculate FIFO for digital currency trades?

3 answers

• Dec 16, 2021 · 3 years ago
  The best way to calculate FIFO for digital currency trades is to keep a detailed record of all your transactions. Start by listing all your buy and sell orders in chronological order. Then, for each sell order, match it with the oldest buy order that has not been used yet. Calculate the gain or loss for each matched pair and keep track of the running total. This method ensures that you are following the FIFO principle and accurately calculating your gains and losses.
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• Dec 16, 2021 · 3 years ago
  Calculating FIFO for digital currency trades can be a bit tricky, but it's important to do it correctly for tax and accounting purposes. One way to simplify the process is to use a cryptocurrency tax software or tool that automatically calculates FIFO for you. These tools can import your transaction history and generate accurate FIFO reports, saving you time and effort. Make sure to choose a reputable and reliable tool to ensure accurate calculations.
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• Dec 16, 2021 · 3 years ago
  When it comes to calculating FIFO for digital currency trades, BYDFi offers a user-friendly interface that makes the process simple and efficient. BYDFi's platform automatically tracks and calculates FIFO for all your trades, saving you the hassle of manual calculations. Simply import your transaction history into BYDFi and let the platform do the rest. With BYDFi, you can accurately track your gains and losses and ensure compliance with tax regulations.
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