Nowadays the crypto traders are often unaware of the taxes on the profits. Regular trading makes it much more difficult to keep track of the individual trades. This is mainly because like every single transaction which even includes the exchange within cryptocurrencies must also be valued as a taxable event. If the tax office requests a declaration or proof; it will be difficult to provide this afterward.
The solution from the Blockpit helps here. The monitoring platform automatically records all the sources of income and creates a clear log. Every single transaction is imported and guaranteed daily documentation of all trades.
Apart from just a user receives an overview of the development of their portfolio and information on the taxable profits and speculation periods. Alarms for the events such as the value changes can be set in the system. The “Tax Tips” option even provides with the suggestions for the tax optimization and information on the regulatory changes in the area of crypto.
Blockpit An Introduction
Blockpit has developed a cross-platform solution of monitoring that is intended for both the private and companies cryptocurrency traders. This enables a clear cut calculation of the taxable crypto income and even an acceptance of the tax return by the tax consultants.
Let us have a look at some of the features of Blockpit:
- Information on taxable profits and much more
- Real-time overview of the portfolio development
- Simple recording of all trades
Downloadable tax report:
- PDF downloads of the tax report
- Can be submitted to the tax office
- Audited and accepted calculation
- Ongoing integration of the new Application Program Interface
- Balances crawled in the real-time scenario
- Widget import with the API keys
- Optimized result for the tax report
- Automatic tips for the portfolio optimization
- Upload with the help of CSV imports
- Real-time data retrieval with the API read access
- Supported exchanges like the Kraken, Binance & Co, Coinbase, and Bitfinex
To Sum Up
Blockpit offers a somewhat unique service that is very much needed in the market of cryptocurrency as a result, and it does not encounter much more competition in the market as well. Thanks for reading, please share your views in the comment below!