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How to Do Your Gemini Taxes

CryptoTrader.Tax imports Gemini data for easy tax reporting. Create the appropriate tax forms to submit to your tax authority.

Gemini Tax Reporting

You can generate your gains, losses, and income tax reports from your Gemini investing activity by connecting your account with CryptoTrader.Tax. Connect your account by importing your data through the method discussed below.

  • Gemini exports a complete Transaction History file to all users. Simply navigate to your Gemini account and download your transaction history from the platform.
  • Import your transaction history directly into CryptoTrader.Tax. Import the file as is. No manual work is required!
  • CryptoTrader.Tax automatically generates your gains, losses, and income tax reports based on this data.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Gemini Tax Reporting

You can generate your gains, losses, and income tax reports from your Gemini investing activity by connecting your account with CryptoTrader.Tax. Connect your account by importing your data through the method discussed below.

  • Gemini supports importing data via read-only API. This allows automatic import capability so no manual work is required.
  • Connect CryptoTrader.Tax to your Gemini account with the read-only API.
  • Let CryptoTrader.Tax import your data and automatically generate your gains, losses, and income tax reports.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Gemini Tax Reporting

You can generate your gains, losses, and income tax reports from your Gemini investing activity by connecting your account with CryptoTrader.Tax. There are a couple different ways to connect your account and import your data:

  • Automatically sync your Gemini account with CryptoTrader.Tax via read-only API. This allows your transactions to be imported with the click of a button.
  • Upload your Gemini Transaction History CSV file to CryptoTrader.Tax. You can download your Transaction History CSV directly from Gemini and import it into CryptoTrader.Tax

Both methods will enable you to import your transaction history and generate your necessary crypto tax forms in minutes. File these forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Gemini Tax Reporting

You can generate your gains, losses, and income tax reports from your Gemini investing activity by connecting your account with CryptoTrader.Tax. There are a couple different ways to connect your account and import your data:

  • Automatically sync your Gemini account with CryptoTrader.Tax by entering your public wallet address. This allows your transactions to be read in directly from the blockchain.
  • Upload a Gemini Transaction History CSV file to CryptoTrader.Tax

Both methods will enable you to import your transaction history and generate your necessary crypto tax forms in minutes. File these forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Gemini Tax Reporting

You can generate your gains, losses, and income tax reports from your Gemini investing activity by connecting your account with CryptoTrader.Tax. Connect your account by importing your data through the method discussed below:

  • Navigate to your Gemini account and find the option for downloading your complete transaction history.
  • Import your transaction history directly into CryptoTrader.Tax by mapping the data into the preferred CSV file format.
  • CryptoTrader.Tax automatically generates your gains, losses, and income tax reports based on this data.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

How Cryptocurrency Taxes Work

Cryptocurrencies like bitcoin are treated as property by many governments around the world—including the U.S. Other forms of property that you may be familiar with include stocks, bonds, and real-estate.

Just like these other forms of property, cryptocurrencies are subject to capital gains and losses rules, and you need to report your gains, losses, and income generated from your crypto investments on your taxes.

For a complete and in-depth overview, please refer to our Complete Guide to Cryptocurrency Taxes.

How To Do Your Crypto Taxes

To do your cryptocurrency taxes, you need to calculate your gains, losses, and income from your cryptocurrency investments in your home fiat currency (e.g. US Dollar, Australian Dollar, etc.).

Once you have your calculations, you can fill out the necessary tax forms required by your country. If you are in the United States, you can learn which forms you need to fill out with our blog post: How to Report Cryptocurrency On Your Taxes.

Why Can't Gemini Generate My Tax Forms?

Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of Gemini. Perhaps you also trade on Coinbase or earn interest from BlockFi. The trouble with Gemini's reporting is that it only extends as far as the Gemini platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of Gemini, Gemini can't provide complete gains, losses, and income tax information.

How Does Cryptocurrency Tax Software Help?

By integrating with all of your cryptocurrency platforms and consolidating your crypto data, CryptoTrader.Tax is able to track your profits, losses, and income and generate accurate tax reports in a matter of minutes.

You can test out the software and generate a preview of your gains and losses completely for free by creating an account.

Learn more about how CryptoTrader.Tax works here.

How to do your Gemini taxes 

Are you a Gemini user looking to file your crypto taxes?

It doesn’t matter what exchange you are using — navigating the tax code can feel overwhelming. We put together this article to help you better understand how you can report your transactions on Gemini to the IRS. 

In this article, we’ll share what you need to know about the fundamentals of crypto taxes and break down a simple step-by-step process to file taxes on your Gemini transactions. 

What is Gemini? 

Gemini is a US-based cryptocurrency exchange and wallet provider that allows customers to buy and sell cryptocurrency and earn crypto interest. 

Gemini was founded by Tyler and Cameron Winklevoss in 2013. The company is licensed and regulated by the New York State Department of Financial Services. Gemini is well-known for its focus on security, even going as far as providing insurance in case of a hack, theft, or security breach. 

How are Gemini transactions taxed? 

The IRS considers cryptocurrency a form of property, which means that it is subject to both capital gains tax and income tax. 

Capital gains events: You incur capital gains or losses every time you dispose of your cryptocurrency. This includes trading your cryptocurrency for other cryptocurrencies or selling it for fiat. 

Income tax events: If you earn cryptocurrency as a form of income, this is considered personal income and will be taxed accordingly. Earning interest on Gemini would fall into this category. 

What tax forms does Gemini send? 

Gemini sends 1099-K forms to customers who meet the following two conditions: 

  1. The customer has more than 200 digital asset-for-USD sales AND 
  2. Total proceeds from these sales exceed $20,000 

These 1099-K forms are meant to track payments received from a third-party network. It is not the same as a 1099-B form, which is meant to help taxpayers report miscellaneous income. 

Does Gemini report to the IRS? 

Yes. When customers meet the two conditions listed above, Gemini will file an identical copy of their 1099-K form with the IRS. 

Why doesn’t Gemini send me all of my tax records? 

It’s important to remember that this 1099-K form is not enough to file a complete tax return. This form does not show total gains and losses, which is needed to accurately report capital gains. 

Many cryptocurrency investors use multiple exchanges, wallets, and platforms. This makes it difficult for third-party exchanges to give full capital gains and losses breakdowns. After all, Gemini only has visibility into transactions that take place on the Gemini platform. 

To get a complete record of your entire cryptocurrency transaction history, we recommend using CryptoTrader.Tax. The platform can integrate with Gemini and any other platform you are using to help you calculate your gains and losses and file your tax return in minutes. 

How to do your Gemini taxes 

Here’s how you can include all of your Gemini transactions on your tax return on CryptoTrader.Tax within minutes. 

Automatic import 

1. Within CryptoTrader.Tax, click the “Add Account” button on the top left. 

CryptoTrader.Tax Gemini Integration

2. Find Gemini in the list of supported exchanges. 

Select Gemini

3. Click the blue button labeled “Sync Transactions”. 

Sync transactions

4. At this point, you’ll be asked to enter a 2-factor authorization code. 

Gemini 2FA

5. Once you’ve entered the code, click the “Allow” button to finish the process. 

6. Now, all of your Gemini transactions will automatically be recorded in your CryptoTrader.Tax account. When you choose to file your tax report, your Gemini history will be included. 

Make managing your Gemini taxes stress-free

Want to get started managing your taxes on Gemini and other exchanges? Try out CryptoTrader.Tax, the crypto tax reporting software used by more than 100,000 investors. Get started with a free preview report - there’s no need to enter your credit card information until you’re 100% sure the information given is accurate. 

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