Clients can enter missing cost basis only if they have signed up for a TaxBit account and linked it to their BlockFi account. Clients can link accounts by clicking Add Data within Tax Center and opting to either Link with TaxBit, for clients who already have a TaxBit account, or Sign up for TaxBit, for clients new to TaxBit.
TaxBit charges an annual fee depending on the plan selected and BlockFi clients get a 50% discount off their first year if they sign-up via Tax Center within 30 days after launch.
Once the accounts are linked, clients can add missing cost basis directly in TaxBit by following TaxBit’s guide here. After adding the necessary transactions to TaxBit, the BlockFi Tax Center will be automatically updated with the entered cost basis and these asset quantities will be eligible for tax loss harvesting.
Neither BlockFi nor any of its affiliates or representatives provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions. Digital currency is not legal tender, is not backed by the government, and crypto interest accounts are not subject to FDIC or SIPC protections. Learn more at BlockFi.com.