Using Blockpit to track your crypto asset investments can help you save time and money. By automatically importing your data from Poloniex Exchange, 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.
Will Poloniex automatically deduct the tax for me?
Unfortunately, Poloniex currently does not automatically withhold your tax for you. If you transfer and trade between different exchanges or wallets, Poloniex would also have to estimate your acquisition costs. For the correct determination of your taxes, the later proof and the declaration of your taxes at the tax office, a complete and proper documentation of all transactions is therefore essential.
How to import your Poloniex transaction data into Blockpit?
Blockpit uses highly sophisticated API integrations to interpret your Poloniex transaction data and enable an import of multiple Poloniex products in a fully automated way. This guide will walk you through the first steps to integrate your Poloniex Exchange 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 “Create New”
Once you have logged in, click on “Create New” followed by “Add Depot” in the navigation.
Step 3: Select “Poloniex” from the list of exchanges
In the now visible depot creation dialogue, select Poloniexfrom the list of exchanges.
Step 4: Enter your PoloniexAPI key
Once you selected Poloniex, you will be prompted to enter your API key. You can find a detailed guide on how to set up your API key here: How to import data via Poloniex API key?
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 Poloniex integration.
Which Poloniex transaction data will be imported automatically into Blockpit?
Blockpit categorizes your Poloniex 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 Poloniex products:
Fiat (EUR, USD, CHF, etc.)
Crypto (Coins & Tokens)
NFTs (NFT Collections)
Commodities (Gold, Silver, etc.)
Derivatives (Tokenized Stocks, Tokenized Commodities, etc.)
Deposits & Withdrawals
Spot Market Trades
A more detailed description of our Poloniex import scope can be found here: How to import data via Poloniex API key?
How to review your Poloniex transaction data in Blockpit?
Blockpit will automatically link and categorize your Poloniex 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 unclassified transactions
Detection of potential issues
Asset and transaction filters
A more detailed description of the Blockpit review features can be found here: Troubleshooting
What does a sample Poloniex 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 Poloniex 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 Poloniex assets.
A more detailed description of the Blockpit Tax Optimization Feature can be found here: How to identify and offset unrealized gains and losses?