Trying to report your Gate.io transactions on your tax return?
Whether you’re a cryptocurrency veteran or you’re just getting started, trying to report your taxes can be stressful. Cryptocurrency’s unique properties can turn tax season into a nightmare.
In this article, we’ll break down everything you need to know about how your Gate.io transactions are taxed. We’ll also share a simple 6-step process that can help you report your Gate.io taxes in minutes.
Gate.io is a cryptocurrency exchange founded in 2013 and headquartered in the Cayman Islands.
Gate.io offers a robust range of products — including cryptocurrency trading, margin and derivative trading, NFT trading, and cryptocurrency interest.
In most countries, cryptocurrency is subject to capital gains and ordinary income tax.
For more information, check out our guide to how cryptocurrency is taxed.
To withdraw assets from Gate.io, you’ll need to complete KYC (Know Your Client) verification. However, you can deposit assets into Gate.io with no KYC.
Currently, Gate.io is restricted in countries like the United States and Canada.
It’s still necessary for residents of these countries to report their past Gate.io transactions on their tax returns. If you’re unable to access your account, you should reach out to Gate.io to get a copy of your transaction history for tax purposes.
Since Gate.io is restricted in the United States, it’s unlikely that the exchange reports to the IRS. Gate.io currently does not send 1099 forms to customers.
At this time, Gate.io does not provide tax forms to customers.
Many exchanges have trouble tracking taxes because of cryptocurrencies' unique properties. Because investors often transfer their crypto between wallets, exchanges have trouble tracking cost basis — which is needed to calculate capital gains and losses.
Here’s how you can report your Gate.io taxes in 6 simple steps.
Sign in to your Gate.io account, then navigate to the API section. Click on the User icon in the top right corner and select API Management.
Select APIv4 Keys in the menu on the left.
Click on the Create API Key button on the right.
Enter a remark (this can be anything you'd like) to identify your API key. Then, make sure Read Only permissions are given to Spot/Margin Trade and Wallet. Once you’re done, click Confirm & Create, then pass the security verification.
Copy the Key and Secret and store in a secure location (you won’t be able to see it again after you complete this step).
Go to CoinLedger, then select Add Account on the Gate.io tab. Click Sync Transactions. Click on Auto-Import then enter your API Key and API Secret into the correct fields. Then, click Sync Transactions.
And that’s it! Once you’re done importing your transactions from Gate.io and other exchanges, you can generate a comprehensive crypto tax report with the click of a button.
CoinLedger can help you save hours of time and effort this tax season. More than 300,000 investors around the world use CoinLedger to import their transactions and take the stress out of tax season.