Gemini Form 1099-DA (Investor’s Guide 2026)

What is Form 1099-DA? 

Form 1099-DA is a tax form designed to report your capital gains and losses from cryptocurrency. 

As of 2026, Gemini and other centralized exchanges are required to issue the form to users who sold, traded, or disposed of crypto. The form reports your gross proceeds directly to the IRS, giving the agency a way to cross-check what you report on your tax return.

Is Form 1099-DA enough to file my taxes? 

Form 1099-DA is an informational form. Even if you receive the form, you are still required to report your capital gains and losses on Form 8949. 

It’s also important to remember that the information on Form 1099-DA can be inaccurate (more on this below). Simply copying and pasting the numbers on the form could lead to you overpaying your taxes. 

Why is my cost basis wrong on my Gemini Form 1099-DA? 

The most common problem customers face with Form 1099-DA is that cost basis information can be inaccurate. 

Remember, this is not the fault of Gemini. These issues typically occur due to cryptocurrency’s transferable nature. Gemini has no record of transactions that happened on other platforms. This creates issues if you move crypto to Gemini from another exchange/wallet and then sell. 

Your actual gain is $65,000. If you simply copy and paste the numbers from the form and report $95,000 of gain, you will overpay taxes by thousands of dollars. 

Luckily, this issue has an easy fix. 

If your cost basis is wrong, there is no need to request a corrected Form 1099-DA from Gemini. Under current IRS guidelines, you can provide your own cost basis information when you report your capital gains and losses on Form 8949, as long as you have supporting documentation. 

Many investors turn to crypto tax software like CoinLedger to get an accurate record of their cost basis across wallets and exchanges. CoinLedger provides an Audit Trail so you can show exactly how you arrived at all of your calculations. 

What’s the difference between Form 1099-DA vs. Form 1099-MISC? 

Gemini issues both Form 1099-DA and Form 1099-MISC, but they are designed to report different types of ordinary income. 

Form 1099-DA covers proceeds from disposing of digital assets. 

You will receive a Form 1099-MISC from Gemini if you earned $600 or more from staking rewards, refer-a-friend bonuses, or interest rewards during the year. These are reported as ordinary income on your tax return (not capital gains). 

Who receives a Gemini 1099-DA?

Any U.S. account holder who sold, traded, or otherwise disposed of crypto on Gemini in 2025 will receive this form. That includes selling crypto for cash, swapping one coin for another, or spending crypto. Simply buying and holding crypto does not trigger the form. 

There is no minimum dollar amount for receiving Form 1099-DA, and even small transactions are reported.

When will I get my Gemini Form 1099-DA?

Gemini will issue Form 1099-DA by February 15, 2026, for the 2025 tax year. You will receive an email notification when the form is ready, and you can also find it in your Gemini account under Settings > Statements. 

What information does Gemini report on Form 1099-DA?

Information included

Your Gemini Form 1099-DA will show:

• The cryptocurrency sold
• Transaction dates
• Gross proceeds
• Fees
• Your account and taxpayer information

Important information not included

The IRS copy of your form will not include:

• Cost basis for crypto transferred from another exchange or wallet
• Activity on other platforms, DeFi protocols, or hardware wallets

Gemini has no visibility into transactions on other platforms. You are required to keep your own records across all wallets and exchanges.

How to calculate your actual crypto gains

If your Form 1099-DA has inaccurate cost basis information, don’t panic. Just be sure to report your crypto transactions across all of your wallets and exchanges (including accurate cost basis) on your tax return. 

Here’s how CoinLedger can help: 

Step 1: Import your transactions

Connect your Gemini account to CoinLedger via API or CSV. You can also import transactions from hundreds of other wallets and exchanges. 

Step 2: Double-check your transactions

Once your data is imported, review the classifications and gain/loss calculations. CoinLedger flags missing cost basis and errors before you download your report, and you have the opportunity to fix any errors before you file. 

Step 3: File your tax return

Send your completed tax report to your accountant, or upload it directly to platforms like TurboTax and H&R Block.

What if my proceeds don't match my records?

You may see small discrepancies between the proceeds on your Form 1099-DA and your own records. The most common reason for this is that Gemini and your crypto tax software use different price sources to value your cryptocurrency at the time of sale. 

When there is a discrepancy, it’s recommended to use the proceeds figures from your Form 1099-DA, as those are the numbers the IRS has on file. Reporting a different amount will create a mismatch that can trigger a follow-up from the IRS.

What cost basis method can you use?

Gemini lets users choose their accounting method in the Tax Center. The supported methods are FIFO (First-In-First-Out), LIFO (Last-In-First-Out), and HIFO (Highest-In-First-Out). If you have not selected a method, Gemini defaults to FIFO.

Whatever method you selected in Gemini's Tax Center was applied to your gain/loss calculations on Form 1099-DA. It’s recommended to use the same method you have on your Gemini account to calculate your tax bill. 

If you are unsure which method your Gemini account is set to, check Settings > Statements. 

What do I do if a Gemini Form 1099-DA is completely wrong? 

In some cases, your Form 1099-DA may contain completely inaccurate information. This may include transactions that never occurred or grossly inaccurate proceeds numbers. 

If you are in this situation, take the following steps: 

Contact Gemini support: Request a corrected 1099-DA from Gemini and document your attempts to resolve the issue. This shows a good-faith effort if the IRS investigates further. 

Don't ignore it: Calculate your actual tax liability using complete records from Gemini and all of your other wallets and exchanges. 

Consider filing an extension: Consider filing for a tax extension. This gives you more time to get a corrected form.

File with accurate information: Report your corrected figures on Form 8949. You can attach a brief explanation noting the error and the steps you took to fix it.

Remember, there is no need to request a new Form 1099-DA if your cost basis is inaccurate. Simply report your correct cost basis on Form 8949. 

Will I get a warning letter for Form 1099-DA?

Gemini sends your Form 1099-DA directly to the IRS. If proceeds on the form are significantly different from what you report on your taxes, it’s likely that your return will be flagged automatically. 

You'll likely receive a warning letter, and you could face penalties, interest, or an audit.

Get started with CoinLedger

Over 700,000 investors use CoinLedger to take the stress out of tax season. Connect your Gemini account and over 800 other exchanges and wallets, and CoinLedger will generate a complete tax report in minutes. 

Create a free account today.