--- title: "BlockFi" description: "The easiest way to calculate your BlockFi crypto taxes with Recap. Import your account statements in seconds." --- # BlockFi Crypto Tax Calculator The easiest way to calculate your BlockFi crypto taxes with Recap. Import your account statements in seconds. BlockFi failed in late 2022 and has been paying customers back through a wind-down ever since. The interest you earned and the trades you made still belong in the tax years they happened in, and what you have received back may need reporting as well. Upload your records and Recap turns them into a tax position. > **Disclaimer** > > The information provided in this content does not endorse BlockFi. Furthermore, it does not constitute tax advice. If anything financial or tax-related is unclear, speak to a qualified tax professional. You can also share your Recap account with your accountant or tax adviser directly. ## What was BlockFi? BlockFi was a digital asset lender offering interest accounts, crypto-backed loans and trading. It halted withdrawals in November 2022 in the wake of FTX and filed for Chapter 11 on 28 November 2022. It emerged from bankruptcy on 24 October 2023, shut its web platform in May 2024, and began returning crypto to customers through Coinbase in July 2024. Here's a breakdown of what BlockFi provided: ### What BlockFi offered - **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. [Connect BlockFi](https://recap.io/integrations/[object%20Object]) ## 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: This table shows Recap's default classification for common BlockFi transactions. It is not an exhaustive schedule or a ruling. Treatment depends on your circumstances and jurisdiction, and you can recategorise any transaction where yours differ. Confirm your position with a qualified tax adviser. Refer to our [tax guides](https://recap.io/guides/crypto-tax-uk-a-comprehensive-guide) for a more detailed look at crypto tax rules. ## What a BlockFi claim means for your tax return Losing access to crypto is not automatically a disposal, and a bankruptcy claim is itself an asset you hold in place of what you lost. When the estate pays out, you may be receiving a different asset, or cash, rather than the coins you put in, and that is where a gain or loss usually crystallises. The dates above matter because they fix which tax year each step falls into. Putting a reasonable value on a claim is a judgement call rather than a calculation, so this is a point to involve an accountant rather than rely on a default. Recap gives you the underlying history and the valuations; the position you take on the claim is yours to decide. ## 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. --- Canonical HTML: https://recap.io/integrations/blockfi Site map: https://recap.io/sitemap.xml · AI manifest: https://recap.io/llms.txt Any page listed above is available as Markdown by appending `.md`, or by sending `Accept: text/markdown`.