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Any time you transact with cryptocurrency you need to assign a proper valuation and determine if there is a gain or a loss.
Our system specifically tracks lots from the blockchain. While FIFO and LIFO are great accounting strategies at the time of the transaction, these strategies should not be used to calculate gains and losses after the fact. Doing so leads to inaccurate reporting and is not sustainable for long-term record keeping.
Just like traditional portfolio services, you can use NODE40 Balance on a regular basis to see how your assets are performing.
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