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Do you help and provide insight into taxes and potential tax savings? I recently learned that the wash rule doesn’t apply to crypto and it’s tips like that and

Do you help and provide insight into taxes and potential tax savings? I recently learned that the wash rule doesn’t apply to crypto and it’s tips like that and how to effectively apply them that can provide immense value. Also, it doesn’t look like you support BlockFi? Any plans to support them? Their reporting is mostly monthly pdf statements which I have to manually keep track of in spreadsheets. Wash rule example. Let’s say in 2021 so far you crushed meme stocks and have a capital gains profit of $100k. Not so rockstar, you bought a large chuck of bitcoin at the top at $60,000. You can sell the bitcoin for a loss (wiping away the capital gains tax from the meme stocks) and then immediately buy back into Bitcoin. Yes, you pay fees or exchange premium, but worth it.

cadillion 5y ago
We currently don't provide these tax services but it's very much in the roadmap. We're already working with accountants to make sure that we can support specific identification at the point of trade so you can optimize your tax implications before you place your trade! We don't support automated BlockFi syncing yet, due to a limited API, but we're always open to intros to get them integrated. If you don't see them in our wallet list, let us know and we'll add them to the index. Regarding your wash rule example, we can take it a step further, eventually! Let's say you bought 1 BTC each at $12k in 2018, 6k in 2019, and $20k in 2021 and you wanted to sell 1 BTC at the top for $60k. We could help you specifically identify the BTC you bought at $12k so you could pay capital gains on a $48k gain instead of income tax on a $40k gain. This is uniquely possible because we have the full view of all your exchange venues.
- nodesocket 5y ago
  Awesome stuff in the pipeline and thanks for the reply. I'd love for BlockFi to be supported, but unfortunately I don't see them opening up their entire platform via API anytime soon.

cadillion 5y ago

We currently don't provide these tax services but it's very much in the roadmap. We're already working with accountants to make sure that we can support specific identification at the point of trade so you can optimize your tax implications before you place your trade! We don't support automated BlockFi syncing yet, due to a limited API, but we're always open to intros to get them integrated. If you don't see them in our wallet list, let us know and we'll add them to the index. Regarding your wash rule example, we can take it a step further, eventually! Let's say you bought 1 BTC each at $12k in 2018, 6k in 2019, and $20k in 2021 and you wanted to sell 1 BTC at the top for $60k. We could help you specifically identify the BTC you bought at $12k so you could pay capital gains on a $48k gain instead of income tax on a $40k gain. This is uniquely possible because we have the full view of all your exchange venues.

nodesocket 5y ago
Awesome stuff in the pipeline and thanks for the reply. I'd love for BlockFi to be supported, but unfortunately I don't see them opening up their entire platform via API anytime soon.