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I have many buys, different Cryptos (all purchased on Coinbase)
Does the IRS accept the Average Cost basis method for calculating cost basis?
For simplicity, if I know for example on Coinbase I deposited 20k ( across multiple deposits, just example) and maybe one purchase I have .1 BTC and another purchase month later .2. And another later purchase .35 etc etc.
But at the end of the day, altogether I have spent 20k and end up with 1BTC.
Can I use an average method to report to the IRS that my cost basis is 20k?
Then if I sell .5. For that .5 instead of calculating different transactions, I can report that cost basis for .5 is simply 20k?
Thank you in advance!
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- 2 months ago
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