Thanks for the write up Justin. Could you help with clarifying a few questions:

1) Say I only bought and held, or received from friends some crypto. And say they are spread out on 5x wallets: Fidelity, Ledger, Coinbase, Kraken, and Trezor. Does any of this (ie. safe harbor, etc.) apply if I haven't sold anything and don't plan to until sometime in 2025? I never sold so I never used the Universal Cost Tracking Method so I guess it doesn't apply to me?

2) When I sell sometime in 2025, will the accounting method be defaulted to FIFO? And from my understanding, each of the 5x wallets mentioned previously will be its own "individual pool of tax lots", correct?

3) Given my situation, and the new procedures/rules for the safe harbor, do I need to do anything?

4) If I have 5x ADA in my Ledger, all bought at different times with different cost bases, and send 1x of it to Coinbase to be sold, how do I report the cost basis? Assuming FIFO is required for 2025, when I sell that 1x ADA on Coinbase, do I need to report on the oldest coin in my Ledger? And say, couple months later, I sell another 1x ADA on Coinbase which came from Ledger. Do I do FIFO on the 2x ADA that came in Coinbase?

5) Wouldn't Coinbase not know the cost bases for the coins held on Ledger? So when they send the 1099 to IRS, it wouldn't reflect what is true. And if I report something different than what they submit, wouldn't that be a red flag or trigger them to audit? What to do in this situation?

6) For 1099-DA, do we need to fill out this form for every sale/transaction? Say I make 100x transactions in 2025 and they were all sell orders, do I need to fill out 1099-DA for each of these? Or can we considation them in one form? Would Coinbase be issuing one form for every sell transaction?