Starting in 2025 if you have multiple wallets the IRS is requiring cost basis tracking for each wallet separately instead of "universal cost basis tracking"

From the article:

The bad news: Rev. Proc. 2024-28 Guidance for Taxpayers to Allocate Basis in Digital Assets to Wallets or Accounts as of January 1, 2025 is guidance on how to transition from universal cost basis tracking to account by account and wallet by wallet cost basis tracking. Universal means all your wallets and accounts are “dumped together” in your crypto tax software for purposes of calculating taxes.

37 wallets means 37 sets of tracking

Crypto tax is hard enough to manage on a universal basis and now your cost basis tracking just skyrocketed. Each wallet and account requires its own separate tracking. I don’t know about you but nightmare is the first word that comes to my mind. Now you have to transition from universal to wallet by wallet.

Here's an additional source verifying the claims: https://www.cnbc.com/2024/07/01/irs-crypto-tax-reporting-guidance.html

And the relavent IRS Document: https://www.irs.gov/pub/irs-drop/rp-24-28.pdf