Does BlockFi Report to the IRS?

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BlockFi

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Cryptocurrency exchanges around the world are starting to report more and more information to government agencies. In this guide, we analyze BlockFi’s tax reporting policies within United States. We’ll also break down a simple way to report your BlockFi taxes in minutes.

Does BlockFi report to the Internal Revenue Service (IRS)?

In the past, BlockFi has issued 1099 forms to customers and the IRS to report taxable income.

Do I have to pay taxes on my BlockFi transactions?

Yes. In the United States, cryptocurrency — on BlockFi and other platforms — is subject to income and capital gains tax. This applies to any taxable income earned prior to and after the BlockFi bankruptcy.

For more information, check out our complete guide to cryptocurrency taxes.

Is BlockFi legal?

While BlockFi no longer allows customers to make transactions, the exchange legally operated in the United States before its bankruptcy.

How do I avoid BlockFi taxes?

Remember, there is no way to legally evade your taxes in the United States. However, tools like tax-loss harvesting and cryptocurrency tax software can help you save thousands of dollars legally.

Can you report BlockFi losses?

It’s too early to tell whether BlockFi customers will regain access to their holdings. It’s important to remember that claiming your losses on your taxes means relinquishing your right to re-claiming your crypto.

For more information, check out our guide to reporting BlockFi losses.

Get a BlockFi tax report today

Looking for a simple way to report your BlockFi taxes? With CoinLedger, you can import your BlockFi transactions and auto-generate a complete gains, losses, and income tax report in minutes.

CoinLedger integrates with BlockFi and dozens of other wallets, blockchains, and cryptocurrency exchanges to automate the entire crypto tax reporting process.

You can get started with a free preview report today.

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