How to calculate your BlockFi taxes

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  • Recap CSV
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Sam Adams
Samantha Adams
Head of Content

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 typeCGTIncomeTracked 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.

Help Guides

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Automate your BlockFi tax reporting - takes 5 mins.

  • 1

    Sign up to Recap

  • 2

    Set up auto sync with our step by step guide

  • 3

    Generate your tax report ready to self-file or share with your accountant

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FAQs

Do I need to pay tax on my BlockFi transactions?

Yes, you may need to pay tax on your BlockFi transactions. Tax obligations vary depending on your country’s tax laws and the nature of your transactions. Common taxable events include selling cryptocurrency, trading between coins (crypto to crypto), and making purchases with crypto.

Do the tax authorities know about my BlockFi transactions?

Tax authorities may become aware of your BlockFi transactions through various means, such as data-sharing agreements between crypto exchanges and tax authorities or during tax audits. It's essential to report your crypto transactions to avoid penalties accurately. Using a crypto tax software like Recap can help ensure your transactions are properly recorded and reported.

What is the benefit of using a crypto tax calculator?

A crypto tax calculator automates the process of calculating taxes on your cryptocurrency transactions, providing accurate tax liability figures and ensuring compliance with tax regulations without manual calculations.