How To Specifically Change Cost Basis Accounting Methods From FIFO To HIFO
I need a direct answer to these ALL these questions. Please dont add your lackluster support articles because they will not answer this question and please answer each question carefully to reduce back and forths!
It is a simple question. If I am tracking all my crypto transactions on a CSV file manually, how do I tell turbotax online to use the HIFO method of accounting not FIFO to calculate my gains or losses?
I spoke to 3 turbotax professionals and one of them said to change it in settings. But where specifically?
I need screenshots to show me where to change this setting.
For clarity, does Turbotax automatically calculate gains and losses based on FIFO? Am I required to perform the FIFO or HIFO calculation in my spreadsheet before I upload it to Turbotax online?
Lastly, do I need to let the IRS know about the change and will it raise the likelihood of an audit?
Please anyone help. I spent days not hours trying to figure this out!
