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CRYPTO GLOSSARY

First in, first out

Also called: FIFO

The default US rule for which units you sold: the earliest ones you acquired in that wallet or account count as sold first.

First in, first out in more detail

Specific identification. You choose which units you are selling, and you keep adequate records showing it.

First in, first out. If you do not identify the units, the earliest ones you acquired count as sold first.

FROM LESSON 57 · 5 MIN READCapital gains and cost basisHow a crypto gain or loss is worked out under US rules: cost basis, fees, short-term and long-term holding periods, which coins count as sold, how losses are used and where the wash sale rule stands.Read the lesson

All 128 terms · Checked against the lesson's sources on 10 October 2026.

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