BlockFi has been impacted by the recent FTX Group bankruptcy filing and has halted withdrawals. We recommend users export all their BlockFi investment activity to CSV file as soon as possible to ensure you can easily report any previous taxable transactions. These records may also assist you in claiming a loss in the future should BlockFi be unable to resume operations.
Crypto taxes vary depending on where you live and your tax office's guidance on the various transactions. However, in general, two taxes may apply to your BlockFi transactions.
BlockFi doesn't generally provide tax documents, however, for US users, BlockFi may send a 1099-B or 1099-MISC form. Any US users who has earned more than $600 in interest, crypto bonuses or promotional payouts in a single financial year will be issued a 1099-MISC form and any US users who have traded on BlockFi will be issued a 1099-B form. Learn more about 1099 forms and what to do with them.
But remember, whenever you receive a 1099 form, the IRS gets an identical copy.
If you live outside the US, or you need to report more than your 1099 form includes, you'll need to get your complete transaction history from BlockFi instead. Then you can either calculate your BlockFi taxes yourself, or use crypto tax software to help you.
Using Koinly, you can get your BlockFi taxes done easily. All you need is a CSV file of your BlockFi transaction history.
Once you have your BlockFi CSV file, simply upload to Koinly and Koinly becomes the ultimate BlockFi tax tool. Koinly calculates your BlockFi taxes based on your location and generates a variety of crypto tax reports, so you can file with your tax office in no time at all.
Yes. BlockFi issues any US user with more than $600 in income with a 1099-MISC form and US users who have traded on BlockFi with a 1099-B form. Whenever you get a 1099 form, so does the IRS.
BlockFi has confirmed that despite bankruptcy proceedings, the platform will issue US residents with 1099-MISC and 1099-B forms in 2023. If you're going to receive a BlockFi 1099 form, it'll be available to download from the taxes section of your BlockFi account.
If you're having trouble checking your BlockFi import, you may find these resources helpful: