Free Tool

Cost Basis Method Calculator

Compare FIFO, LIFO, and HIFO methods to find which results in the lowest taxes for your crypto sale.

Your Purchases

Add all your purchase lots for this cryptocurrency

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Your Sale

Enter the details of your sale

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%

Enter your expected capital gains tax rate

Understanding Cost Basis Methods

1

FIFO

First In, First Out

Sells your oldest coins first. This is the default method and easiest to track. In a rising market, this often results in higher gains since older coins typically have a lower cost basis.

Best when: Your oldest purchases have the highest cost basis, or you want simple tracking.
2

LIFO

Last In, First Out

Sells your most recent coins first. If you've been buying during a price run-up, LIFO can result in smaller gains or larger losses since recent purchases may have higher cost basis.

Best when: Recent purchases have higher prices than your sale price.
Often Optimal
3

HIFO

Highest In, First Out

Sells coins with the highest cost basis first, regardless of when they were purchased. This typically results in the smallest capital gain (or largest loss) and lowest tax bill.

Best when: You want to minimize taxes (requires good record-keeping).

Managing Cost Basis is Complex

With multiple wallets, exchanges, and hundreds of transactions, manually tracking cost basis becomes impossible. Let software do the heavy lifting.

Try Awaken Tax Free Compare All Platforms

Awaken supports FIFO, LIFO, HIFO, and specific identification methods.