Right now, CoinLedger is calculating your cost basis for 2024 transactions using the universal cost basis tracking method, which is accepted by the IRS for transactions in 2024 and earlier. Prior to the end of 2024, CoinLedger performed a cost basis reallocation for all users in in compliance with IRS Rev. Proc 2024-28. This took a snapshot of assets held in all connected wallets and allocated associated cost basis to them. This data is currently saved to your CoinLedger account, and it enables future transactions to be calculated on a per-wallet level.

The current CoinLedger User Interface is still mapping to the universal cost basis method to minimize disturbance for all users calculating their 2024 taxes using this universal tracking method.

After tax season 2024 (post April 2025), CoinLedger is going to switch its user interface to map to per wallet cost basis reporting for all transactions in 2025 and for all future years.