How to Do Your Blockchain.com Taxes?
Founded in 2011, the company's original name was Blockchain.info, and its purpose was to keep track of all Bitcoin trades. It was rebranded as Blockchain.com in 2012.
Blockchain.com believes that cryptocurrency, in the future, will power a totally digital financial system. They offer cryptocurrency trading services, a crypto wallet for holding digital currencies, loan services, and a variety of blockchain data generation platforms.
In this blog, we’ll learn about Blockchain.com taxes and everything about tax reporting.
Blockchain.com Tax Reporting
Governments across the globe, treat cryptocurrencies such as bitcoin as property, and not as currency. The situation is the same in the U.S.
Cryptocurrencies, such as Bitcoin, Ethereum, etc. are subjected to capital gains taxes as well as income taxes, depending on the transaction. Additionally, you must calculate your capital gains and losses, just like other types of property, and you must record any earnings, losses, and income that you incur from crypto investments on your taxes.
Will Blockchain.com Provide me with Tax Forms?
Apart from Blockchain.com, crypto investors may use a number of crypto exchanges, crypto wallets, and other platforms. For instance, you might also trade on Gemini or make money with Kraken.
But there’s a problem with Blockchain.com's tax reporting. It is limited to the Blockchain.com platform itself. Also, it is unable to offer complete gains, losses, and income tax information if you have used external DeFi protocols, crypto wallets, exchanges, or different platforms apart from Blockchain.com.
Fortunately, there is another option for investors to appropriately submit their taxes. ZenLedger easily calculates your crypto taxes and also finds opportunities for you to save money and trade smarter. Let’s find out how to do your Blockchain.com taxes with the help of ZenLedger.
Connecting Your Blockchain.com To ZenLedger For Your Crypto Tax Forms
As one of the most comprehensive cryptocurrency tax software options on the market, we have import instructions for well over 400+ exchanges.
Within ZenLedger, on the Import Transactions page and Exchanges tab, select the Exchange you want to import. Then you'll see a table that outlines the possible methods. For many centralized exchanges, we support a direct API code import, while others may require a CSV import. Decentralized exchanges may require a wallet address.
To import your transactions from an exchange, simply navigate to the [Exchanges] tab of the [Imports] page. Select the exchange that you are looking to import, (Blockchain.com, in this case) and instructions will be provided for that specific exchange!
The Bottom Line
That was all about how to do your Blockchain.com taxes with the help of the tax reporting tool.
Excluding the fact that Blockchain.com doesn’t provide you with tax reporting features, it is a pretty great platform. With features like:
- Support of 4 fiat currencies
- Low trading fees
- Offers a secure non-custodial wallet for traders
- Integration with BitPay for payment services
- Offers services in 25 languages
- Available for both Android and iOS
To sum up, Blockchain.com offers a wide range of useful features and services.