Linz, Austria – Dec. 13, 2024 – With the fiscal year-end approaching, crypto investors face a critical period for tax planning. Blockpit AG, a leader in crypto tax solutions, has unveiled its enhanced Crypto Tax Optimizer, empowering users to reduce their tax liabilities through tax loss harvesting and its groundbreaking Crypto Sales Simulator.
Tax loss harvesting: a smart strategy for investors
Tax loss harvesting allows investors to minimize taxable income by selling underperforming assets to offset capital gains. In crypto, where market volatility can lead to losses, this strategy is particularly effective.
For instance, selling a cryptocurrency like Bitcoin at a €2,000 loss can offset an equivalent gain from Ethereum, potentially eliminating the capital gains tax on those transactions. In many jurisdictions, including the US, UK, and most of the EU, this principle applies to cryptocurrencies as taxable assets, just like stocks or equities.
“With the end of the year in sight, investors have an opportunity to analyze their portfolios, sell underperforming assets, and significantly reduce their tax obligations,” says Florian Wimmer, CEO of Blockpit. “Our tools simplify this process, ensuring that investors can take advantage of these opportunities efficiently and effectively.”
Blockpit’s Crypto Tax Optimizer
The Crypto Tax Optimizer takes the guesswork out of tax loss harvesting, automatically identifying assets, including NFTs, that can be sold to reduce tax liabilities. On average, users uncover €2,395 in potential tax savings—an impressive return that offsets their crypto losses.
Key Features:
- Automatic Identification of underperforming assets, tailored to each jurisdiction.
- Tax-Free Asset Transparency: A dedicated view for tax-exempt assets helps users optimize portfolios with greater clarity.
- Support for country-specific tax compliance to ensure global applicability.
Industry-first Crypto Sales Simulator
Taking tax optimization to the next level, Blockpit’s Crypto Sales Simulator is an innovative tool that enables users to experiment with various selling strategies before executing trades. This feature, the first of its kind in the industry, lets users test predefined scenarios, helping them identify the most tax-effective options for their portfolio.
“Our sales simulator empowers users to make informed, data-driven decisions,” explains Wimmer. “By offering clear insights into potential outcomes, we’re transforming how crypto investors approach their taxes and investments.”
Standing out in the crypto tax space
Blockpit addresses one of the industry’s most pressing challenges: managing complex data from numerous exchanges, wallets, and blockchains while ensuring compliance with diverse tax regulations.
What makes Blockpit unique:
- Big Four-certified, GDPR-compliant tax reports tailored to specific jurisdictions.
- Comprehensive portfolio tracking to monitor all crypto assets in one place.
- Integration with over 500 exchanges, wallets, and blockchains for a seamless user experience.
- Crypto Tax Optimizer with Advanced Tax Loss Harvesting and the Industry’s First Crypto Sales Simulator.
- Responsive, expert support combined with educational resources like webinars and the upcoming Blockpit Academy, designed to empower investors of all experience levels.
This combination of advanced features, user-friendliness, and regulatory compliance sets Blockpit apart from competitors.
Vision for the future
“The crypto market offers unparalleled opportunities for wealth creation,” says Wimmer. “However, the increasingly complex topic of taxation shouldn’t be a burden for users. We’re committed to automating tax optimization while maintaining the highest standards of compliance.”
Blockpit’s future roadmap includes passing additional government audits, expanding CPA-focused tools, and enhancing portfolio monitoring capabilities to provide a comprehensive solution for crypto investors worldwide.
About Blockpit
Founded in 2017, Blockpit AG serves over 350,000 users globally, offering tools to simplify crypto tax reporting, portfolio tracking, and tax optimization. Based in Austria and Germany, Blockpit is a trusted leader in the industry, ensuring accuracy and security through GDPR-compliant practices and Big Four-certified reports.
For more details, visit our Tax Loss Harvesting Guide or explore our Crypto Tax Optimization.
Media Contact
Florian Wimmer
CEO
Follow Us:
X (Twitter) | YouTube | Telegram | Discord