I recently found out that due to new IRS guidance that crypto traders can opt to use cost basis methods other than FIFO (such as LIFO, specific lot identification, etc).
I have two questions as a result of this:
1. Can I use a method other than FIFO for this year’s crypto filing if I had used FIFO for crypto since I started trading them in 2017? FYI I’ve never received 1099-B’s for crypto since I started trading them in 2017, so whenever I report them on Form 8489 I use box C. Also I’m not sure how the IRS would know that I used FIFO anyway.
2. Can I use one cost basis method for the above crypto trades (LIFO, or something else), and another cost basis method (FIFO) for the equities i’ve traded? I don’t want to change from FIFO for equities as I’m just fine with that approach and it’s been the one I’ve used since I started back in roughly 2011.