Gemini issues Form 1099-MISC to customers and the IRS. This is a form that contains a complete record of taxable income.
p>Yes. In the United States, your transactions on Gemini and other platforms are subject to income and capital gains tax.
If you’ve earned or disposed of crypto (ex. Sold or traded away cryptocurrency) during the year, you’ll have a tax liability to report to the IRS.
For more information, check out our complete guide to cryptocurrency taxes.
Yes. Gemini legally operates in the United States.
Cryptocurrency earned from Gemini Earn is taxed as ordinary income based on its fair market value at time of receipt.
At this time, it’s unclear whether Gemini Earn users will receive access to their holdings. Tax professionals advise Gemini Earn customers to wait and see the process play out before claiming losses on their taxes.
While Gemini does send Form 1099 to customers, it’s important to remember that tax forms provided by exchanges can be inaccurate if you’ve transferred your crypto into or out of the exchange.
In cases like these, the exchange may have trouble calculating your capital gains.
Luckily, there’s an easier way to report your crypto taxes. Crypto tax software like CoinLedger can connect to your wallets and exchanges and help you generate a comprehensive record of your gains, losses, and income.