2019 gains shows $270 last month, now showing $59 which is correct?


I have been working on filing my taxes this year, new to crypto trading and reporting those on my USA taxes.

About a month or month and a half ago, I loaded everything into CoinTracker and thought everything was transferred in correctly and it was showing capital gains of about $270 for 2019. However I just logged into my account and it’s not showing about $59 is my capital gains for 2019. This is a significant decrease in capital gains for my small trading account. I’m not sure if anyone else has had this large of change with bigger accounts?

I believe I found the issue. Originally the taxes were set to FIFO, then it looks like they later were defaulted to HIFO which produces a much lower capital gains rate.

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That will do it! We recommend choosing one cost basis method and sticking to it for all years of crypto tax reporting - it will make it a lot simpler in the long run!