back
BlockFi Logo

How To Do Your BlockFi Taxes With Koinly

Using BlockFi to buy, sell, trade and earn crypto? Wherever you live, the tax man wants a cut. Whatever your investments, do your BlockFi taxes in minutes with Koinly tax calculator.

Last updated: Tuesday, 22 November 2022

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.

Connect BlockFi with Koinly to calculate your crypto tax

BlockFi is a crypto exchange, based in New York and founded in 2017 where investors around the world can buy, sell and trade crypto, as well as borrow and loan crypto to earn. Whatever your BlockFi investments, Koinly can help with your BlockFi taxes.

How are BlockFi transactions taxed?

Crypto taxes vary depending on where you live and your tax offices guidance on the various transactions. However, in general, two taxes may apply for your BlockFi transactions.

  • Capital Gains Tax: If you sell or trade crypto on BlockFi, you'll pay Capital Gains Tax on any profit you make.
  • Income Tax: If you're earning new coins or tokens on BlockFi, for example, if you put crypto into a BlockFi interest account and earn new coins via an API monthly, receive crypto bonuses or promotional payouts, then you'll pay Income Tax based on the fair market value of the coins on the day you receive them in your fiat currency.

Want to learn more about crypto tax where you live? Read our country crypto tax guides.

Does BlockFi provide tax documents?

BlockFi doesn't generally provide tax documents, however for US users, BlockFi may send a 1099-B 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-B form.

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.

How to get your BlockFi tax documents with Koinly

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.

How to connect BlockFi and Koinly via CSV

On BlockFi

  1. Log in to your BlockFi account.
  2. Go to your dashboard and scroll to transactions.
  3. Select the download icon on the right, above your transaction data. By default, all your transactions should be included in this CSV, but check your filters for date and type before downloading.

On Koinly

  1. Sign up or log in to your Koinly account and go to the wallets page.
  2. Select add new wallet: BlockFi.
  3. Select import from file.
  4. Upload your CSV file(s).

Does BlockFi report to the IRS?

Yes. BlockFi issues any US user with more than $600 in income with a 1099-B form. Whenever you get a 1099 form, so does the IRS.

How do I check if my BlockFi import is accurate?

If you're having trouble checking your BlockFi import, you may find these resources helpful:

It's really helpful to use our Getting Started Guide before reviewing your transactions. This can help you identify and resolve any issues in no time at all.