How to Do Your FTX US Taxes

How To Do Your FTX US Taxes

CoinLedger imports FTX US data for easy tax reporting. Create the appropriate tax forms to submit to your tax authority.

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FTX US Tax Reporting

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

FTX US exports a complete Transaction History file to all users. Simply navigate to your FTX US account and download your transaction history from the platform.
Import your transaction history directly into CoinLedger. Import the file as is. No manual work is required!
CoinLedger 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.

FTX US Tax Reporting

FTX US supports importing data via read-only API. This allows automatic import capability so no manual work is required.
Connect CoinLedger to your FTX US account with the read-only API.
Let CoinLedger 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.

FTX US Tax Reporting

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

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

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.

FTX US Tax Reporting

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

FTX US Tax Reporting

Navigate to your FTX US account and find the option for downloading your complete transaction history.
Import your transaction history directly into CoinLedger by mapping the data into the preferred CSV file format.
CoinLedger 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 FTX US Generate My Tax Forms?

Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of FTX US. Perhaps you also trade on Coinbase or earn interest from BlockFi. The trouble with FTX US's reporting is that it only extends as far as the FTX US platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of FTX US, FTX US 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, CoinLedger’s cryptocurrency tax software and crypto portfolio tracker are able to track your profits, losses, 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 CoinLedger works here.

FTX US has shut down. FTX US was part of the FTX group that collapsed and filed for Chapter 11 bankruptcy in November 2022. You can no longer log in or trade, and customer repayments are handled by the FTX Recovery Trust through distribution partners, BitGo, Kraken, and Payoneer. If you used FTX US, you still need to report your past activity and any repayments you received, and this guide covers how. (For the global platform, see our guide on how to do your FTX taxes.)

Whether you file by hand or use crypto tax software, doing your FTX US taxes comes down to four steps. The difference now is that step 1, gathering your history, takes a little more work because the platform is closed.

Gather your full FTX US transaction history and your bankruptcy repayment records.
Sort your activity. Moving crypto between your own wallets is not taxable, but disposals and any income you earned are.
Calculate your capital gain or loss on each disposal, plus the value of any income at the time you received it.
Report it on the right forms. In the US, capital gains go on Form 8949 and Schedule D, and crypto income goes on Schedule 1. These forms get included with your full tax return. Other countries have their own equivalents.

For a detailed explainer on reporting crypto, see our guide on how to report your cryptocurrency on your taxes.

That is where crypto tax software comes in. CoinLedger takes your FTX US history and repayments, connects them to every other wallet and exchange you have used, and generates your tax forms automatically. More than 700,000 investors use it to file in minutes. Get started with a free account today, or keep reading to do it yourself.

Do you have to pay taxes on FTX US?

Yes. Even though FTX US has closed, your past activity there is taxable:

Capital gains tax. When you disposed of cryptocurrency on FTX US (selling it, or trading one coin for another), you recognized a capital gain or loss based on how the price changed since you received it.
Income tax. Any crypto you earned on FTX US, such as rewards, was ordinary income at its fair market value in the year you received it.

For a full breakdown, read our complete guide to cryptocurrency taxes.

How does the FTX US bankruptcy affect your taxes?

This is the part that surprises people. The FTX Recovery Trust is repaying customers in cash, and it values each claim at the price of your crypto on the bankruptcy date in November 2022, when prices were near their lows, not at what your coins would be worth today. US customers are among the groups being repaid the full value of their November 2022 claim, plus interest, paid out over several rounds through 2025 and 2026.

Because you are receiving cash rather than your original coins back, the repayment is a taxable disposal. And because the claim is valued at November 2022 prices, the cash you receive often exceeds your original cost basis, which produces a taxable gain, not the loss many people expect. The difference between your repayment and what those coins would be worth today is not a deductible loss, because you were legally made whole at the bankruptcy value.

Example: why a repayment is often a taxable gain

Suppose you held 1 BTC on FTX US that you originally bought for $8,000. Your claim is valued at roughly $16,000 (the November 2022 price), and you are repaid about that amount in cash, plus interest.

That cash repayment is a taxable disposal, so you recognize a gain of roughly $8,000 against your original cost basis, even though 1 BTC would be worth far more today, and that difference is not a deductible loss.

The exact treatment is genuinely unsettled and depends on your specific claim, so this is a situation where you should work with a crypto tax professional. For background, see our guide to FTX losses.

Does FTX US report to the IRS?

FTX US no longer issues tax forms, because it no longer operates. Historically, it issued Form 1099-MISC to US users who earned $600 or more in rewards, and filed a copy with the IRS. Remember, you owe tax on your gains and income whether or not you received a form. A missing form does not remove the obligation to report.

How to get your FTX US transaction history

Because the FTX US platform is closed, you can no longer log in or export your history. To do your FTX US taxes now, you have a few options:

If you saved an FTX US transaction history CSV before the collapse, upload it: in CoinLedger, go to Add Account, choose the FTX US tab, and upload the file.
Use your claim and repayment records for the amounts and dates you received, from the Kroll claims portal and from your BitGo, Kraken, or Payoneer distribution statements.
If you no longer have your history, reconstruct it from your bank records, your transfers to and from other exchanges, and the wallets on the other side of those transfers.

CoinLedger classifies your FTX US transactions and repayments using its Bankruptcy Recovery and Bankruptcy Liquidation categories, so your distributions land on the right side of your tax report. Once your transactions are in, you can file the report yourself, hand it to your tax professional, or import it into TurboTax, TaxAct, or H&R Block.

Get started with CoinLedger today

Take the stress out of tax season. More than 700,000 investors around the world use CoinLedger to track their gains, losses, and income across all of their wallets and exchanges.