CoinFTX US

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.

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

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 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

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 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

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

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:

  • 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 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 CoinLedger works here.

Are you trying to report your FTX.US transactions to the IRS? 

If you’re feeling confused, you’re certainly not alone. Cryptocurrency taxes can be confusing, even for seasoned investors. 

In this guide, we’ll break down everything you need to know about your FTX.US taxes. We’ll explain how common FTX.US transactions are taxed (and share a simple method to report all of your cryptocurrency taxes in minutes). 

What is FTX.US? 

FTX is a cryptocurrency exchange founded in 2018 by Sam Bankman-Fried. The exchange is now considered one of the most trusted brands for investors to buy, sell, and trade cryptocurrencies. 

FTX.US is a subsidiary of FTX designed specifically to comply with American regulations. 

FTX.US offers a wide range of services — including margin trading, NFT trading, and the ability to earn interest on select cryptocurrencies.  The exchange is also known for its relatively low deposit, withdrawal, and trading fees. 

How is cryptocurrency taxed? 

Cryptocurrency is considered property by the IRS. As a result, it’s subject to capital gains and ordinary income tax. 

Crypto tax overview

For more information, check out our ultimate guide to cryptocurrency taxes

Does FTX report to the IRS? 

Yes. FTX.US issues Form 1099-MISC in the event that a customer earns more than $600 of ordinary income on the platform. 

In the future, FTX.US will be required to report more detailed information to the IRS. The 2021 infrastructure bill requires all exchanges to issue 1099 forms that contain information about capital gains and losses

How are margin and derivative trading taxed? 

Margin and derivative trades are subject to capital gains and losses. However, calculating your gains and losses for margin trades can become complicated quickly due to the complexity of these transactions. 

For more information, check out our guide to margin and derivative trading taxes

How are NFTs taxed? 

Buying an NFT with cryptocurrency is considered a taxable event. You’ll incur a capital gain or loss depending on how the price of your crypto has changed since you originally received it. 

Similarly, selling cryptocurrency for crypto or fiat is considered a taxable event. You’ll incur a capital gain or loss depending on how the price of your NFT has changed since you originally received it. 

For more information, check out our ultimate guide to NFT taxes

How is cryptocurrency interest taxed? 

Earning cryptocurrency as interest is considered ordinary income subject to income tax. You’ll pay taxes based on your personal tax bracket

income tax rates 2022

Why doesn’t FTX.US send me comprehensive tax forms? 

Unfortunately, FTX.US and other exchanges don’t have complete access to the information they need to calculate your tax liability. 

Because transferring cryptocurrency between different wallets and exchanges is so common, it can be difficult for exchanges to determine the original cost basis for acquiring your crypto. This information is needed to calculate your capital gains and losses. 

Luckily, there’s an easier way to report your taxes. Crypto tax software like CoinLedger can help you generate a comprehensive crypto tax report in minutes. 

How to file your FTX taxes in minutes 

With CoinLedger, you can file your FTX taxes in 5 simple steps. 

Step 1:

Click the account icon in the top right corner of your FTX account. 

FTX US tax reporting

Step 2:

Select API from the menu on the right.

FTX US API

Step 3:

Click Create Read-Only API Key.

FTX US generate API key

Step 4:

Write down your API secret, as it will not be shown after this step is completed. 

API key

Step 5:

Within the CoinLedger app, navigate to Step 1. Import. Select Add Account then choose the FTX US tab. Click on Auto-Import then enter your API Key and API Secret into the correct fields. Once you’re done, hit Sync Transactions. 

CoinLedger FTX

And that’s it! Once you’re done, you can import transactions from any other wallets and exchanges you’re using and generate your comprehensive crypto tax report with the click of a button. 

Get started with CoinLedger today 

Trying to file your FTX.US taxes? Get started with CoinLedger — the platform trusted by 300,000 crypto investors across the globe. With integrations to hundreds of blockchains and exchanges, CoinLedger can make your tax season stress-free. 

Get started with a free preview report today.

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