Using Blockpit to track your crypto asset investments can help you save time and money. By automatically importing your data from your Electrum wallet, Blockpit can quickly and accurately calculate a fully compliant tax report, giving you the information you need to make the best decisions for your portfolio.
How to import your Electrum (Bitcoin) wallet transaction data into Blockpit?
Blockpit uses highly sophisticated integrations to interpret your Electrum (Bitcoin) wallet data and enable an import all deiner Electrum wallet transactions in a fully automated way. This guide will walk you through the first steps to integrate your Electrum wallet data into the Blockpit web app.
Step 1: Log in to your Blockpit account
Visit the Blockpit website and log into your Blockpit account. If you don’t have an account yet, please sign up first.
Step 2: Select “Add”
Once you have logged in, click on “Add” followed by “Add Integration” in the navigation.
Step 3: Select “Bitcoin” from the list of wallets (blockchains)
In the now visible integration creation dialogue, select Bitcoin from the list of wallets.
Step 4: Enter your Bitcoin public key
Once you selected Bitcoin, you will be prompted to enter your public key. You can find a detailed guide on how to set up your wallet integration here: How to create an automatic Wallet Integration?
Step 5: Wait for the data import to finish
Depending on the data load, the automated import can take between several minutes and up to several hours. Meanwhile, you can check the following import scope description of our Bitcoin wallet integration.
Which Electrum (Bitcoin) wallet transaction data will be imported automatically into Blockpit?
Blockpit categorizes your Electrum (Bitcoin) wallet transaction data by country-specific gains, losses and income types. These will then be calculated according to your national tax law. Therefore, Blockpit can automatically differentiate between the following asset classes and Bitcoin transactions:
Assets:
Crypto (Coins & Tokens)
NFTs (NFT Collections)
Commodities (Gold, Silver, etc.)
Derivatives (Tokenized Stocks, Tokenized Commodities, etc.)
Transactions:
General All native transaction types (Transfers)
How to review your Electrum (Bitcoin) wallet transaction data in Blockpit?
Blockpit will automatically link and categorize your Electrum (Bitcoin) wallet transaction data. After all the data has been imported, the following features will provide transparency and help you with your data integrity check:
Detection of unlinked transfers
Detection of unlabeled transactions
Detection of mismatched balanced
Detection of potential issues
Asset and transaction filters
Help center guides
A more detailed description of the Blockpit review features can be found here: Troubleshooting
What does a sample Electrum (Bitcoin) wallet tax report look like?
Blockpit creates the most comprehensive tax reports with pre-filled tax forms for your local tax authority in PDF format. Our tax reports also contain clear explanations in terms of legal interpretation for submission to tax authorities. So far, every tax report has been accepted by the tax office without a complaint.
The report provides information about all your balances, realized profits and losses and can be used as proof of origin with banks or tax advisors. It contains all relevant transactions of your account, always refers to the selected tax year and shows details such as time stamp, amount, asset, costs and fees of the individual transactions.
You can view some of our country specific tax repots here: Blockpit sample tax reports
How to optimize your Electrum (Bitcoin) wallet taxes with Blockpits Tax Optimization Feature?
Depending on your tax residency, it is possible to realize profits and losses in order to optimize your taxes (offsetting of losses against gains & tax loss harvesting).
Blockpit’s Tax Optimization Feature allows you to identify unrealized gains and losses as well as the holding period of your Electrum wallet assets.
A more detailed description of the Blockpit Tax Optimization Feature can be found here: How to identify and offset unrealized gains and losses?
A more detailed description of the Blockpit Tax Optimization Feature can be found here: How to identify and offset unrealized gains and losses?
