FIFO

« Back to Glossary Index

It is the abbreviated term for First In, First Out and is an inventory method that has been used to specify the individual cost-basis when calculating their taxes. IRS recommends using this inventory method if the U.S. taxpayers could not specifically identify the unit of a cryptocurrency owing to the missing or unavailable information, which is otherwise known as the Specific Identification Method.

« Back to Glossary Index

Check Also

new-mining-strategies-crypto-halving

New Mining Strategies You Need To Incorporate After Crypto Halving

Good News! The Bitcoin network has already crossed its 800,000th block at the end of …