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Once your transactions are imported and categorized, Breezing can automatically calculate your cost basis and realized gains/losses on all outbound transactions and trades.

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1. Configure Your Cost Basis Settings

Before running the calculation, you need to tell Breezing which accounting methodology to use.
  1. Click on your Company Name in the top left corner.
  2. Select Settings.
  3. Under the Cost Basis Method section, you have two choices:
    • Weighted Average (Common in many international jurisdictions)
    • FIFO (First-In, First-Out – Required in the US)
  4. Under the Cost Basis Scope section, you have two choices:
    • Per Wallet: Calculates the cost basis isolated to the specific wallet the asset is held in (Recommended).
    • Universal: Pools all assets across all wallets into a single cost basis pool.
  5. Click Update to save your preferences.

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2. Run the Calculation

  1. Go back to your Dashboard.
  2. Click the Calculate Gains & Losses button at the top.
  3. A modal will appear confirming your current settings (e.g., Weighted Average • Per Wallet).
  4. Select the tokens and wallets you want to run the calculation for (usually, you will just click Select All for both).
  5. Click Calculate. Breezing will process the entire ledger in seconds.

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3. Reviewing the Results

  • Line-by-Line Review: Filter your dashboard by a specific token (e.g., ETH). If you scroll through the transactions, you will now see the Cost Basis and Realized Gain/Loss values populated on all outbound transfers and trades.
  • Audit History: If you click the Calculate button again, Breezing shows you a history log of your previous runs (e.g., “Ran <1 minute ago in FIFO”). This is great for audit trails.
  • FIFO Reports: If you are using the FIFO method, it’s highly recommended to download the supporting documentation. Next to the calculation, click Download FIFO Report. This CSV file breaks down exactly which historical tax lots were consumed for every single outbound transaction, providing the exact unit price and transaction hashes for your records.
Arles you’ve gone through and you’ve labeled a bunch of transactions with the accounts and now the next step is to figure out okay what’s my what’s how do I calculate gains and losses on the entire account so you’re going to go ahead and click the name up here you’ll click settings you’ll see there’s an option to select either weighted average or fifo we’re just going to select weighted average and there’s an option to go either per wallet or Universal so if you’re in the US now you want to S per wallet but anywhere else you can kind of still do the universal method recommendation is always to do per wallet just cuz it’s easier to manage go ahead and update it’ll save this when you’re ready go back to dashboard calculate gains and losses it’s kind of locked in weighted average here select all your tokens select all your wallets but of course you can select specific wallets if you want you don’t have to select them all but select all your wallets go ahead and hit calculate so it’s going to calculate gains and losses on a per wallet basis now and there you go it’s going to get locked in you can go ahead and click one of the wallets maybe just want to filter for ethereum where you know there’s going to be some kind of weighted average calculation um here you can kind of track it so here you see here’s the cost bases it’s running cost BAS there’s no gains and losses on these ones because they’re not outbound transactions um go all the way down you can see like here’s a gain and loss on this outbound transaction it was a trade um so yeah you can kind of follow this all the way down and you can see the cost basis and weighted average and everything was kind of calculated and the gains and losses now if you change your mind you say actually you know what I don’t I didn’t really want to do it weighted average I really wanted to do it like fifo you just come down over here just like fifo you can even deselect for a wallet if you want but you can keep it hit update go back to dashboard go ahead and rerun it you’ll see here it’s also saving the history so you see you ran it here weighted average 18 tokens per wallet so it’s giving you a nice little history of what happened before select all the token select all the wallets run it basically using fifo give it a few minutes or actually a few seconds the system flies done it’s all good to go when you click back again here you’ll see the last time now you ran it in fifo so it’s giving you a history of the last time you ran it less than a minute ago in fifo and it was still per wallet so a little history in terms of what was your weighted average number for and then now for fifo you can see here we’ll show you the gains and losses on fifo you’ll see it there but to kind of keep track of the cost basically what you got to do for fifo is you got to kind of just select all and run what’s known as a fifo report go aad and hit download the fifo report go ahead and open it in the fifo report you’ll see the cost basis that was used on each of the transactions you’ll see it here so I’m just going to kind of open these up a little bit so you see them one second bear with me kind of open up you’ll see the transaction hash that’s used pretty much on the outbound transaction the cost basis amount is right here on the unit price um and then you’ll see kind of like the idea of the breezing transaction and anything else you want want to see but here’s kind of the column you really want to follow this is the cost basis column that was used but yeah that’s kind of how you validate and view our kind of the gains and losses and how you manage it here in breezing