US-specific: End of universal application from 2025?

[eprbell]

Check this article: https://www.jdsupra.com/legalnews/the-action-cryptocurrency-investors-8183288/.

The article is not very clear, but it says that "the concept of averaging your entire digital asset portfolio (sometimes referred to as the “universal wallet approach”) has come to an end."

I'm not sure what it means with "averaging your entire digital asset portfolio", or with "universal wallet approach". I hope it doesn't mean the concept of universal application, which was discussed in great detail in #79 and that allowed us to reintroduce LIFO and HIFO in RP2.

If anybody has clarity on this, please reply here.

[eprbell]

Discussion on Reddit: https://www.reddit.com/r/CryptoTax/comments/1ga0wk5/new_tax_law_usa_forcing_fifo_for_all_transactions/

[eprbell]

More detailed information here: https://www.reddit.com/r/CryptoTax/comments/1gbvfic/revenue_procedure_202428_what_you_need_to_know/

It seems that universal application will not be usable starting in 2025...

[eprbell]

CC: @macanudo527

[macanudo527]

Well, I always thought the universal method was a little forgiving, but something the US did in order to make it easier for people to file their taxes and for them to get paid. Now, they want to make it really hard for us to calculate what we owe them. This will require reworking of the transaction engine I expect. In theory, it shouldn't be that hard, just keeping track of multiple wallets, right?

It'll just require a boatload of testing.

[eprbell]

Well, I always thought the universal method was a little forgiving, but something the US did in order to make it easier for people to file their taxes and for them to get paid. Now, they want to make it really hard for us to calculate what we owe them. This will require reworking of the transaction engine I expect. In theory, it shouldn't be that hard, just keeping track of multiple wallets, right?

It'll just require a boatload of testing.

It'll definitely require lots of unit tests, but supporting per-wallet accounting won't be trivial. We'll have to hammer in per-wallet queue creation and management before the accounting engine starts and then integrate multiple queues with the accounting engine. I'll have to think a bit more on the design...

[eprbell]

I asked some questions on the Reddit thread to clarify the semantics: https://www.reddit.com/r/CryptoTax/comments/1gbvfic/comment/ltvfqy7/?context=3

[eprbell]

Closing the discussion: I opened issue #135 to track this.