Does Cointracker Support Specific ID?

Good day all,

I am wondering if Cointracker supports Specific ID method for cost basis tracking.

Not sure what you mean by ‘Specific ID’. They do you allow you to use Universal or Wallet. And it allows FIFO, LIFO, or HIFO.

Thanks Chet,
Specific Id is the term the IRS uses to manually match batches of crypto for different transactions . It’s one of the 4 accepted types of methods .

As i understand in order to support HIFO cost basis reporting they would have to be specifically i.d.ing each coin traded by tax lot i.d. / transaction i.d.

Otherwise wouldnt be able to report HIFO.

So the short answer is yes they do but the longer answer is we’re all waiting for 8949’s and/or CSV’s for Turbotax etc for 2021

And as we wait its nerve wracking!! Life cant go on hold and people want to buy houses with all their new crypto bags lol… but wtf are my tax implocations. I have it figured out IF cointracker can just get us a decent CSV with tax lot id’s.

I mean they sold me a package for up to 250k transactions. I had 231k transactions and now am effed if cant get good HIFO detail from CT.

The exchanges dont give you enough detail on each trade i dont think – Binance U.S does not lrovide a tax lot i.d. in their statement.