In this article: Blockpit review, we’re introducing Blockpit as one of the best tax calculators for traders and miners.
There’s no doubt that filing tax reports is a tedious and challenging job, especially for traders and miners. Filling tax reports is an annual action. However, it still takes a lot of time and preparation, not to mention the paperwork. Also, it would help if you considered taxes before making trades so you can minimize your taxes.
For that matter, there have been many platforms that perform tax calculations and reports automatically for traders and miners, And Blockpit is one of the best. That’s why in this article, we’re highlighting Blockpit and reviewing all of its functions and features, as well as illustrating how to start on it.
About Blockpit.
Blockpit has been dealing with the topic of compliance with cryptocurrencies. Also, they have developed a software platform that combines all crypto sources to simplify processes resulting from complex regulations and tax laws.
Also Read: Koinly Review and Best Alternatives.
Table of Contents
Blockpit Features.
Blockpit features are all that you need to fill and report your taxes automatically, in addition to more features that we’re coming across during Blockpit review.
Portfolio Management.
After connecting your exchange/wallet, you’ll get an overview of your holdings so you can take a look at how you have been doing overall.
Your Reports in One File.
Once you connect your exchange/wallet and import transactions through manual input or auto-sync, you can download all your country reports in one file.
Calculate Realized Gains & Losses.
You can see your calculated realized gains and losses for your connected exchanges/wallets on the reports page.
Secure Auto-Sync.
After connecting your exchanges through an API key, you can enable auto-sync. Therefore, all displayed information will be in real-time.
Transactions.
You can view all your previously made transactions as well as further information on each transaction.
Supported Exchanges.
Blockpit widely supports major exchanges. You can view the supported exchange here or in the picture below.
FAQ.
Is Blockpit Easy to Use?
During our review, we found Blockpit very easy and simple to use. You only need to connect your exchange, let Blockpit run calculations, and manage to download the tax report.
How Secure is Blockpit?
For exchanges, they’re connected through an API key that doesn’t permit withdrawals. Therefore, your assets will remain on your exchange.
And for wallets, they’re connected through a public key; your private key is never required.
Which Countries Does Blockpit Support?
Blockpit can fill reports for countries that use international accounting methods like LIFO and FIFO. Also, Blockpit localizes reports for some counters.
Which Tax Reports Does Blockpit Support?
Blockpit supports international tax reports as well as some localized ones; here’s a list of the supported reports:
- IRS form 8949
- Capital gains & losses
- Additional income and adjustments to income
- Form 1040 U.S individual income tax return
What’s Blockpit Pricing?
Blockpit charges you per tax year. Choose the plan that fits your the most. You can view Blockpit prices here.
Starting with Blockpit.
In the following part of the Blockpit review, we’ll explain how to start on Blockpit, connect your exchange, and calculate your taxes.
Create An Account.
Firstly, go to Blockpit main page, click on ‘Get Started,’ enter your information then submit it.
Verify Your Account.
After creating your account, go to your email and look for an email from Blockpit’s team for an activation link.
Connect Your Wallet or Exchange.
After creating and verifying your account, now let’s connect your exchange/wallet.
Firstly, on the top bar, click on ‘Depots,’ then select the exchange you’re willing to connect and enter the API key that you’ve generated on your Exchange.
And for wallets, choose the asset held on your wallet, then enter your wallet’s public key.
Generate A Tax Report.
After connecting your exchange, click on ‘Reports’ on the top side, then you can start calculating your reports. After that, you can download them as one PDF file.
Conclusion.
There’s no doubt that Blockpit has a lot to offer. But does it compete with other big crypto tax calculators like Koinly or Coinpanda? You can answer that question yourself after reading the following Blockpit pros and cons.
Pros.
- Localized tax reports
- Wide range of supported countries
- simple and interactive UI
Cons.
- It doesn’t integrate with TurboTax
- It doesn’t support as many exchanges as other platforms
Alternatives.
We’re always keen on providing you with the best possible alternatives so you can have the freedom to choose between different platforms. Therefore, here are the best alternatives for Blockpit.
Koinly
Automatically imports your transactions, finds all the market prices at the time of your trades, calculates your crypto gains/losses and generates your tax reports!
Recap
At Recap, they have created a powerful portfolio manager for Bitcoin and all cryptocurrency that automatically calculates your crypto tax position.
Accointing
Accointing is the accounting, tracking, and tax optimization tool for Bitcoin and other cryptocurrencies. They are a team of passionate blockchain investors and believers that have come together to create the most comprehensive and simple-to-use taxes and tracking tool in the blockchain space.
Coinpanda
The world’s most reliable and easy-to-use tax solution for cryptocurrencies. File your tax return in under 20 minutes.
Available in 65+ countries
Finally, we’d love to hear from you and chat with you in the comments, so tell us, what are your thoughts on this Blockpit review?
