Does the IRS allow LIFO for bitcoin?
Could you please clarify for me if the Internal Revenue Service (IRS) permits the Last-In, First-Out (LIFO) method of accounting for Bitcoin transactions? As the tax treatment of cryptocurrencies continues to evolve, it's important to stay up-to-date on the regulations and guidelines set forth by the IRS. Is the LIFO method considered an acceptable approach for determining the cost basis of bitcoin sales or exchanges, or are there specific rules and limitations that apply to digital currencies? Thank you for your insight.