Year over Year Tax Calculations


I was wondering if/how CoinTracker supports year over year tax center calculations? I purchased it for the year 2020 and have selected the HIFO (Highest In, First Out) cost basis method and it seems like it’s doing an accurate job of calculating my expected capital gains tax burden. However, if I re-purchase the CoinTracker tax product again in 2021, will the product “account” for units of a token that I already sold at the highest price in 2020? I’m worried that the 2021 caclulation, if set to HIFO, will still look at the highest price of a token overall when attempting to report a taxes for 2021 and won’t be aware of which highest price units I already reported for in 2020.

Did you ever get any information on this? I will be doing the same for the 2021 tax season plan on using HIFI, but almost guaranteed I’ll be using FIFO for the 2022 tax year. I also want to make sure that the second year I file will have taken into account my first year choice so certain transactions are not being used for the second time