BlockFi Taxes: How to Generate Your Crypto Tax Report
BlockFi filed for bankruptcy in November 2022 — but your tax obligations on historical transactions remain. Every trade, interest payment, and disposal made on BlockFi is a potential taxable event. CoinTracking imports your BlockFi transaction history via CSV, calculates gains, losses, and income, and generates a tax report ready for your tax authority or accountant.
How to Import Your BlockFi Transactions into CoinTracking
Watch how to import your historical BlockFi transaction history into CoinTracking to generate your crypto tax report — even after BlockFi's closure.
Start Your Free BlockFi Import- Every crypto trade, interest payment, and disposal on BlockFi is a taxable event in most jurisdictions. Capital gains tax and income tax may both apply.
- BlockFi never offered an API for tax software. Import your historical transactions using a CSV export from your BlockFi account statements and upload it to CoinTracking.
- Transfers between your own wallets are not taxable events. Buying and holding crypto is not a taxable event.
- BlockFi is defunct. The platform filed for bankruptcy in November 2022 and has ceased operations. Your tax obligations for historical transactions remain. If you have not yet filed taxes for your BlockFi activity, you should do so promptly to avoid penalties.
BlockFi and Your Tax Obligations
BlockFi was a US-based crypto financial services platform that offered crypto lending, borrowing, and interest accounts. Founded in 2017, the platform grew to serve hundreds of thousands of users before filing for Chapter 11 bankruptcy in November 2022.
Although BlockFi is no longer operational, all taxable transactions that occurred on the platform remain reportable events. Users must still account for trades, interest income, and any crypto received through BlockFi's interest accounts.
CoinTracking supports BlockFi via CSV file upload:
- BlockFi Transaction History CSV: downloaded from your BlockFi account statements or portal
- All crypto trades, interest payments, and withdrawals are supported
- CoinTracking maps BlockFi CSV columns automatically
- Historical imports work even after BlockFi's closure — as long as you have the CSV file
Crypto Tax Basics: What BlockFi Users Need to Know
Tax rules for crypto vary across jurisdictions. These three principles apply broadly to BlockFi users, but always verify the specifics with your local tax authority or a qualified advisor.
Trading crypto is a taxable disposal
In most countries, every sale, swap, or use of crypto is a taxable event. Capital gains tax applies to the difference between what you paid (cost basis) and what you received. Transfers between your own wallets do not trigger tax.
Interest and rewards are taxable income
BlockFi offered interest accounts where users earned crypto rewards. In most jurisdictions, crypto received as interest or reward income is taxed as ordinary income at the time it is received — based on its fair market value on that date. These amounts must be reported separately from capital gains.
Records are your responsibility
BlockFi did not issue formal tax documents. The CSV export is a raw transaction history — not a tax report. Accurate records of every trade, date, cost basis, and proceeds remain your responsibility. CoinTracking maintains a complete, dated audit trail of every BlockFi transaction you import.
BlockFi Taxes by Country
Crypto tax rules differ by market. Below are the key rates, deadlines and filing forms for the countries where CoinTracking users traded most actively on BlockFi.
Germany
- Disposal tax: Personal income tax rate (up to 45%); gains are tax-free if held longer than 1 year (Haltefrist)
- Annual exemption: Gains up to €1,000/year are tax-free
- Interest income: Taxed as other income (Sonstige Einkünfte)
- Cost basis: FIFO per wallet
- Authority: Finanzamt
- Forms: Anlage SO, Anlage KAP
Austria
- 27.5% capital gains tax: Since March 2022, crypto is taxed like shares — a flat 27.5% KESt applies to gains.
- Old coins grandfathered: Crypto acquired before 28 February 2021 is tax-free on disposal.
- Interest income: Treated as capital income, also taxed at 27.5%.
- Authority: Finanzamt Austria. Report via Einkommensteuererklärung (E1 / E1kv).
Switzerland
- Capital gains: Generally tax-free for private investors (no capital gains tax on crypto disposals for non-professionals)
- Wealth tax: Crypto holdings are subject to wealth tax at cantonal rates based on year-end market value
- Interest income: Interest and rewards earned on crypto are taxed as income at progressive rates
- Authority: Cantonal tax authority (varies by canton)
United Kingdom
- Capital Gains Tax: 18% (basic rate) or 24% (higher rate) from October 2024
- Annual exempt amount: £3,000 (2024/25 onward)
- Interest income: Income Tax at marginal rate
- Cost basis: Section 104 pool (HMRC rules)
- Authority: HMRC
- Forms: Self Assessment SA100, SA108
Spain
- Savings income (IRPF): 19% up to €6,000; 21% up to €50,000; 23% up to €200,000; 27% up to €300,000; 28% above
- Foreign crypto disclosure: Modelo 721 required if portfolio exceeds €50,000 abroad
- Interest income: Taxed as savings income
- Authority: Agencia Tributaria (AEAT)
- Forms: Modelo 100 (IRPF), Modelo 721
Poland
- Flat rate: 19% on all crypto gains (no holding period exemption)
- Loss carryforward: Up to 5 years
- Interest income: Taxed as capital income at 19%
- Cost basis: FIFO
- Authority: Urząd Skarbowy
- Form: PIT-38
Italy
- Flat rate: 26% on gains exceeding €2,000/year (from 2023)
- Foreign holdings disclosure: Quadro RW required if portfolio exceeds €15,000
- Interest income: Taxed as capital income at 26%
- Authority: Agenzia delle Entrate
- Forms: Quadro RT (gains), Quadro RW (foreign holdings)
Portugal
- Disposal tax: 28% on gains from crypto held less than 1 year (from 2023)
- Long-term holding: Tax-free on disposal if held 1 year or longer
- Interest income: Taxed at 35% flat rate or progressive income tax rates
- Authority: Autoridade Tributária (AT)
- Forms: Modelo 3, Anexo G or Anexo J
France
- Flat 30% tax (PFU): Gains from crypto disposals are subject to the prélèvement forfaitaire unique (PFU) — 12.8% income tax + 17.2% social charges.
- No exemption for holding period: Unlike Germany, there is no tax-free threshold after 1 year.
- Interest income: Taxed as BNC (non-commercial income) if received regularly; otherwise as capital gains.
- Authority: Direction générale des Finances publiques (DGFiP). Declare via Formulaire 2086.
Tax rules change frequently. This overview is for general information only and does not constitute tax advice. Consult a qualified advisor for your specific situation.
Are BlockFi Transactions Taxable?
In most jurisdictions, crypto is treated as an asset: disposing of it can trigger capital gains tax. Interest earned is typically taxable income. Use this as a starting reference — the exact rules vary by country.
Taxable Events
- Selling crypto for fiat (USD, EUR, etc.)
- Swapping crypto for crypto
- Receiving crypto interest from BlockFi accounts
- Using crypto to pay for goods or services
Not Taxable
- Buying and holding crypto
- Transferring crypto between your own wallets
- Depositing fiat to BlockFi
- Receiving crypto as a personal gift
Tax treatment varies by country. CoinTracking applies the rules for your selected jurisdiction automatically.
How to Calculate Your BlockFi Taxes
BlockFi's CSV export contains your raw trade and interest history — but converting that into an accurate tax report requires calculating cost basis, holding periods, and gains for every transaction.
The core calculation: take what you received (proceeds), subtract what you paid (cost basis, calculated with FIFO), and the result is your taxable gain or loss. Interest income must be reported separately at its fair market value on the date received.
CoinTracking automates this across your full BlockFi history and produces a report your accountant or local tax authority will accept — even for historical transactions from before BlockFi's bankruptcy.
How to Import BlockFi into CoinTracking
Three steps to upload your BlockFi transaction history and generate your tax report.
- 1
Log into CoinTracking and open Imports
After logging in, click the Import icon in the left navigation. This is where you connect all your exchanges, wallets and blockchains.
- 2
Search for BlockFi in the import list
Type "BlockFi" in the search field. CoinTracking will show the BlockFi import option for CSV upload.
- 3
Upload your BlockFi transaction history
Export your transaction history from BlockFi as a CSV file and upload it to CoinTracking. CoinTracking will automatically recognize the BlockFi format and import your historical transactions.
"CoinTracking can handle just about any complex transaction you can throw at it and the automation is a real lifesaver. Of all the tax software tools we've reviewed, CoinTracking is the most detail-oriented and has more accuracy checks in place than the competition."
How to Create Your BlockFi
Tax Report with CoinTracking
Three steps from CSV export to a tax report your accountant will accept.
Export your BlockFi transaction history
Download your BlockFi transaction history as a CSV file from your BlockFi account statements or portal. This is the file you will import into CoinTracking.
Review your transactions
Open Reports → Validate Transactions. CoinTracking flags missing cost basis entries, duplicate imports and price gaps so your final report is accurate.
Generate and export your tax report
Select your country and tax year. CoinTracking generates a report formatted for your jurisdiction: PDF or Excel, ready to file or hand to your accountant.
No. BlockFi never provided a dedicated tax report. It offered transaction history statements in CSV format. Since BlockFi filed for bankruptcy in November 2022 and ceased operations, users must rely on historical CSV exports they downloaded before the platform shut down. CoinTracking imports your BlockFi CSV and generates a complete, compliant tax report for your jurisdiction.
If you still have access to your BlockFi account portal, navigate to the Reports or Statements section and download your transaction history as a CSV file. If BlockFi's portal is no longer accessible, check your email for any historical statements or CSV exports you received. Upload the CSV file directly into CoinTracking to import your historical transactions.
Yes. Tax obligations on past transactions do not disappear when a platform closes. All trades, interest earned, and disposals that occurred while you used BlockFi are taxable events in most jurisdictions. You must still report these historical gains, losses, and income — regardless of BlockFi's bankruptcy. CoinTracking helps you calculate and report your historical BlockFi activity accurately.
No. BlockFi never offered a public API for importing transaction data into tax software. The only supported import method is the CSV export from your BlockFi account statements. CoinTracking fully supports the BlockFi CSV format for historical transaction imports.
Yes. Every sale, swap, or disposal of cryptocurrency on BlockFi is a taxable event in most jurisdictions. Interest and rewards earned through BlockFi's interest accounts are also typically taxable as income. The gain or loss is the difference between your cost basis and the proceeds at the time of disposal. Tax-free thresholds and holding periods vary by country.
Losses from the BlockFi bankruptcy may be tax-deductible in some jurisdictions. Whether you can claim a capital loss depends on whether you received any proceeds from the bankruptcy process and the specific tax rules in your country. We recommend consulting a qualified tax advisor for your specific situation. CoinTracking can help you document your cost basis and transaction history accurately.
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