Blockpit’s Cryptotax automates tax returns for cryptocurrencies

Cryptocurrency taxation is both complex, lengthy and volatile, and not always easy for individuals and professionals to understand. To make their life easier, the Blockpit company offers a very complete software to automatically record all their operations in order to file their tax return in a few clicks. your name ? crypto tax. We invite you to discover this essential tool for all traders active in the cryptocurrency market, but also in DeFI, non-fungible tokens (NFTs), mining, etc.

The explosion of the cryptocurrency ecosystem has attracted many retail and professional investors to get involved in trading. A lucrative activity for anyone who can handle the fluctuations of this ultra-volatile market, but which proves to be much more complex when filing their tax return. To avoid trouble, the Blockpit company came up with the Cryptotax software. With this tool you can automate the recording of all operations performed on your different cryptocurrency portfolios to prepare your tax return in a few clicks.

Cryptocurrency taxation in France in brief

Even for accounting professionals, declaring profits in cryptocurrencies requires a good dose of patience and a lot of rigor. Without a suitable solution, you have to remember to record all the operations performed throughout the year. Not all of course, as exchanges between digital assets (e.g. ether for bitcoin) are not yet taxed. But once you withdraw winnings in euros, dollars or any other government-issued fiat currency, you are subject to capital gains tax. This also applies to any payment for goods or services in cryptocurrencies, such as buying a car in Bitcoin.

For individuals who make occasional profits, capital gains from the sale of cryptocurrencies are subject to the unique Flat Tax (PFU), also known as “Flat Tax”, which applies more generally to all capital income. Your tax rate is 30% and is made up as follows: 17.2% tax levies and 12.8% income tax. Note that the capital gain is only taxable if it exceeds the annual allowance of 305 euros.

Here we have only looked at the taxation of people who engage in cryptocurrency trading on an occasional basis. We have not addressed the issue of professionals performing hundreds or thousands of operations per year, nor that of taxing cryptocurrency mining. If you want to know more about the taxation of cryptocurrencies and in particular about their development from 2023, we invite you to visit the website of the Ministry of Economy and Finance.

Automate your tax returns with Blockpits Cryptotax

For those who don’t want to spend hours writing down all their crypto transactions and then do complex calculations to try to score their tax return, there is Blockpit’s Cryptotax software. Its operation is very simple: all you have to do is link your different portfolios and other accounts opened on exchange platforms so that all the operations performed are automatically imported into the web application. To see the list of exchange platforms and compatible wallets, we invite you to visit the Blockpit website.

Once your different accounts and portfolios are synchronized, you can track all your cryptocurrency movements in real-time and file a tax return with just a few clicks. No need to take out the calculator! In addition, the software takes care of evaluating latent capital gains to help you optimize your earnings. Note that it is also possible to import DeFI transactions (staking, lending, etc.), non-fungible tokens (NFTs), mining earnings, and margin trading operations.

If you want to try the Cryptotax software before subscribing, you’ll be pleased to know that it’s free to access for up to 25 transactions per year. However, if you are particularly active in the cryptocurrency market, we recommend that you opt for the “Basic” formula, which allows you to process up to 1,000 transactions in the same period. It is currently offered for 49 euros instead of 79 euros. Note that there are two other formulas more reserved for professionals: “Advanced” (199 euros per year, up to 25,000 transactions) and “Professional” (599 euros per year, unlimited transactions).

Finally, if you have any doubts about Blockpit’s legitimacy, know that it partners with major consulting and accounting firm KPMG. A partnership that guarantees the users of the application constant compliance with the tax regulations in force in their country.

For more information about Blockpit and its Cryptotax software, we invite you to follow us the company’s Twitter account.

Content created in collaboration with Blockpit. No member of the BFM Business editorial team was involved in the creation of this content.

In partnership with Blockpit

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