Specific ID Calculator
Manual tax lot selection for maximum control
Add Purchase Lot
Total Lots
0
Available Units
0
Total Gain/Loss
$0.00
Total Sales
0
Available Lots
No lots added yet
Create Sale
Selected Lots for Sale:
Click lots on the left to select
Sale History
No sales executed yet
When to Use Specific ID Calculator
Maximum Tax Optimization
Choose exactly which lots to sell for optimal tax outcomes. Sell high-cost lots to minimize gains or long-term lots for preferential rates. Full control over every transaction.
IRS-Approved Method
One of only two methods officially supported by the IRS for crypto. Widely accepted for stocks. Maintain proper records and you're fully compliant.
Long-Term vs Short-Term
Strategically choose long-term lots (held >1 year) for 0-20% tax rates instead of short-term lots taxed at 10-37%. Massive tax savings with smart lot selection.
Complex Portfolios
Managing dozens of purchase lots across different dates and prices? Specific ID gives you surgical precision. Track every lot and optimize every sale.
Audit Documentation
Create detailed records showing exactly which lots were sold. Perfect documentation for IRS audits. Prove your cost basis with contemporaneous lot identification.
Crypto Tax Planning
Essential for serious crypto investors. Select which coins to sell from multiple purchases. Optimize for tax-loss harvesting while avoiding wash sales.
Frequently Asked Questions
What is specific identification?
Specific identification (Specific ID) is an IRS-approved cost basis method where you manually choose which specific purchase lots to sell. Instead of automatic methods like FIFO or LIFO, you select exactly which shares or coins to sell, allowing precise tax optimization.
How do I use the specific ID calculator?
Add your purchase lots with dates, quantities, and prices. When adding a sale, manually select which specific purchase lots to use. The calculator tracks your selections and calculates the exact cost basis and capital gains for each sale.
Is specific ID allowed by the IRS?
Yes! Specific identification is one of only two methods officially supported by the IRS for cryptocurrency (along with FIFO). For stocks, it's widely accepted. You must maintain detailed records showing which lots were sold.
Is this calculator free?
Yes! Our specific ID calculator is completely free with unlimited transactions. No registration required. Perfect for tax optimization and detailed record keeping.
What records do I need for specific ID?
You need detailed records showing the date, quantity, and price of each purchase, plus documentation of which specific lots were sold in each transaction. Keep transaction confirmations, wallet records, and contemporaneous notes identifying lots.
Can I use specific ID for cryptocurrency?
Yes! The IRS explicitly allows specific identification for crypto. It's one of the best methods for tax optimization. You must identify the specific units before the sale and maintain adequate records.
How does specific ID save taxes?
Specific ID lets you choose which lots to sell. Sell high-cost lots to minimize gains, or sell long-term lots for preferential tax rates. You have complete control over your tax outcome for each transaction.
What is the difference between specific ID and FIFO?
FIFO automatically sells the oldest lots first. Specific ID lets you manually choose any lot. Specific ID offers maximum flexibility and tax optimization but requires more detailed record keeping and contemporaneous identification.
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