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-   -   Tax Assistance - Do I Need to Report Income from BlockFi? (https://www.askmehelpdesk.com/showthread.php?t=850539)

  • Feb 26, 2023, 11:46 AM
    DanPatrick10
    Tax Assistance - Do I Need to Report Income from BlockFi?
    Question for the tax experts which I hope isn't too complicated. Unfortunately, 2022 was a bad year for me. I received a 1099-MISC and 1099-B from BlockFi. However, I haven't been able to access the interest or funds in my BlockFi Interest Account BIA since November 10 due to the FTX collapse. BlockFi petitioned for relief under Ch.11 through Bankruptcy Court, so I don't know if I'll ever see the money again.

    For the 1099-MISC, my interest was reported in box 3 as taxable income. For the 1099-B, it says transactions for which basis aren't reported to the IRS - report on Form 8949 with Box B checked and/or schedule D, Part 1.

    Do I need to report the income on any of these forms on my taxes since I lost over 16k in BlockFi or is there a form for reporting financial losses? If I have to report the income on the 1099-MISC and B, does tax software like H&R Block and TurboTax have the necessary forms like the Form 8949?

    Also, I was a 1099 worker and I only made $1000 on the 1099-NEC which was reported to the IRS. However, that was all I made for 2022. Do I still need to file or report that on my taxes?

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