I've been doing my crypto taxes manually via spreadsheets etc then entering the transaction with their cost basis in TurboTax. I trade on three exchanges (Coinbase Pro + Kraken + Robinhood) and currently trade in seven or so different cryptocurrencies. I'd like to switch to crypto tax software and could use guidance.

In particular, is there a cryptocurrency tax product that:

  1. Will properly handle multiple exchanges (Coinbase Pro + Kraken + Robinhood), including coins bought on one exchange but sold on another and also support import of transactions from said exchanges?

  2. Allow switching from FIFO (my method until now) to HIFO?

  3. The most important: Will let me indicate, for the purposes of proper cost basis calculation, which past coin purchases I have already used as the cost basis for coin sales reported in past tax returns, so that it can automatically match up my FY 2021 sales with other purchase transactions for cost basis?

If there are no products that meet all these requirements, I'd appreciate any recommendation as to what products meet some of these requirements. Requirement 3 is by far the most important for me because I find matching up sales with purchases for cost basis on a spreadsheet a major headache.

Thanks in advance!

  • When one cryptocurrency is used to buy another, account the first cryptocurrency back to cash and use the cash to buy the second cryptocurrency. In other words, don't match-up to the accountings of the exchanges but account in a way that suits the tax reporting. Now 'KBH Investor Accounting' doesn't account wash-sales and that suits both cryptocurrency accounting and trader-status accounting. Also, there are supplemental applications for continuation-sheet print-outs.
    – S Spring
    Jan 15 at 22:05
  • If FIFO is not wanted then use different ticker symbols for different lots.
    – S Spring
    Jan 15 at 23:00