Default Cost Basis Method
R
Rose Coyote
I have only now found out that Cointracker defaulted my account to HIFO. While I understand that I should have checked this setting, Cointracker's own Crypto Tax Guide states, "FIFO is generally the default method for reporting unless you select a different method of accounting". Since Cointracker's own guide states that FIFO is generally the default method, Cointracker has done customers a disservice by defaulting their accounts to HIFO without notice to customers. This has decreased near term tax burden, but will dramatically increase longer term burden. It also increases the likely-hood of less desirable short term gains. Cointracker should immediately begin proactively informing customers of this default, or better yet, require that customers choose this as part of account set up
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