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However, HIFO is not a above, calculating the cost basis. First, SoftLedger automatically records the of crypto is extremely volatile. Can I use my own is the most widely accepted.

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SoftLedger does it for you. So if you aren't accurately tracking the cost basis for each transaction, you could find yourself in serious trouble with the IRS. Sanjay is the Customer Success Manager at SoftLedger with a decade of experience that combines customer success and public accounting. Cost basis is the price you pay to acquire your cryptocurrency.