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Recap has a comprehensive integration with BlockFI that makes it easy to manage your crypto tax calculations. Sign up for Recap and import your BlockFI data to securely monitor each transaction, manage your cryptocurrency portfolio, and effortlessly manage your taxes.
*Disclaimer: The information provided in this content does not endorse BlockFI. Furthermore, it does not constitute tax advice. If you are uncertain about any financial or tax-related matters, we strongly recommend seeking guidance from a qualified tax professional. Additionally, you may utilise our accountant and professional advisor sharing features.
What was BlockFI?
BlockFi was a digital asset lender that offered interest accounts and loans in cryptocurrency. It ceased operating on November 10, 2022.
Here's a breakdown of what BlockFi provided:
- Interest Accounts: Allowed users to earn interest on their cryptocurrency holdings, with interest paid out monthly.
- Crypto-Backed Loans: Enabled users to borrow cash by using their cryptocurrency as collateral, without needing to sell their digital assets.
- Trading Services: Provided a platform for buying, selling, and trading a variety of cryptocurrencies.
- Credit Card: Offered a crypto rewards credit card, where users could earn Bitcoin and other cryptocurrencies as rewards for their purchases.
- Institutional Services: Provided tailored services for institutional investors, including lending and borrowing of digital assets.
How to simplify your BlockFI crypto taxes with Recap
You can make the process of calculating your taxes stress-free with our crypto tax software. Upload your BlockFI data to Recap, and our system will classify and value all transactions using our unique fair-market valuation engine and determine your tax liability.
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How are BlockFi Transactions Taxed?
Tax implications on your BlockFi transactions differ based on transaction types and your tax jurisdiction. Here are the tax guidelines for the different transaction types on BlockFi:
Transaction type | CGT | Income | Tracked in Recap |
---|---|---|---|
Deposits | |||
Withdrawals | |||
Buying crypto with fiat | |||
Crypto to crypto | |||
Selling crypto for fiat | |||
Earning staking rewards |
Refer to our tax guides for a more detailed look at crypto tax rules.