How to Do Your Gemini Taxes

How To Do Your Gemini Taxes

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

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Gemini Tax Reporting

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

Gemini exports a complete Transaction History file to all users. Simply navigate to your Gemini 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.

Gemini Tax Reporting

Gemini supports importing data via read-only API. This allows automatic import capability so no manual work is required.
Connect CoinLedger to your Gemini 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.

Gemini Tax Reporting

You can generate your gains, losses, and income tax reports from your Gemini 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 Gemini account with CoinLedger via read-only API. This allows your transactions to be imported with the click of a button.
Upload your Gemini Transaction History CSV file to CoinLedger. You can download your Transaction History CSV directly from Gemini 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.

Gemini Tax Reporting

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

Gemini Tax Reporting

Navigate to your Gemini 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 Gemini Generate My Tax Forms?

Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of Gemini. Perhaps you also trade on Coinbase or earn interest from BlockFi. The trouble with Gemini's reporting is that it only extends as far as the Gemini platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of Gemini, Gemini 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.

Are you a Gemini user looking to file your crypto taxes?

It doesn’t matter what exchange you are using — navigating the tax code can feel overwhelming. We put together this article to help you better understand how you can report your transactions on Gemini to the IRS.

In this article, we’ll share what you need to know about the fundamentals of crypto taxes and break down a simple step-by-step process to file taxes on your Gemini transactions.

What is Gemini?

Gemini is a US-based cryptocurrency exchange and wallet provider that allows customers to buy and sell cryptocurrency and earn crypto interest.

Gemini was founded by Tyler and Cameron Winklevoss in 2013. The company is licensed and regulated by the New York State Department of Financial Services. Gemini is well-known for its focus on security, even going as far as providing insurance in case of a hack, theft, or security breach.

How are Gemini transactions taxed?

The IRS considers cryptocurrency a form of property, which means that it is subject to both capital gains tax and income tax.

Capital gains events: You incur capital gains or losses every time you dispose of your cryptocurrency. This includes trading your cryptocurrency for other cryptocurrencies or selling it for fiat.

Income tax events: If you earn cryptocurrency as a form of income, this is considered personal income and will be taxed accordingly. Earning interest on Gemini would fall into this category.

What tax forms does Gemini send?

Gemini sends 1099-MISC forms to customers who’ve earned at least $600 worth of cryptocurrency income from the platform.

Does Gemini report to the IRS?

Yes. When Gemini sends a Form 1099-MISC to a customer, the exchange will issue an identical copy to the IRS.

With the passage of the American Infrastructure Bill, Gemini will also have to report additional 1099s for users in the future.

Why doesn’t Gemini send me all of my tax records?

Form 1099-MISC does not contain all the information you need to accurately report your taxes. These forms are designed to report ‘miscellaneous income’ such as staking and referral rewards and do not contain information on capital gains and losses.

There’s a reason why Gemini and other exchanges don’t provide investors with a complete tax report.

Many cryptocurrency investors use multiple exchanges, wallets, and platforms. However, Gemini only has visibility into transactions that take place on the Gemini platform. This makes it difficult for Gemini and other exchanges to calculate your capital gains and losses.

To get a complete record of your entire cryptocurrency transaction history, try CoinLedger. The platform can integrate with Gemini and any other platform you are using to help you calculate your gains and losses and file your tax return in minutes.

How to do your Gemini taxes

Here’s how you can include all of your Gemini transactions on your tax return on CoinLedger within minutes.

Automatic import

1. Within CoinLedger, click the “Add Account” button on the bottom left.

2. Find Gemini in the list of supported exchanges.

3. Click the blue button labeled “Sync Transactions”.

4. At this point, you’ll be asked to enter a 2-factor authorization code.

5. Once you’ve entered the code, click the “Allow” button to finish the process.

6. Now, all of your Gemini transactions will automatically be recorded in your CoinLedger account. When you choose to file your tax report, your Gemini history will be included.

Make managing your Gemini taxes stress-free

Want to get started managing your taxes on Gemini and other exchanges? Try out CoinLedger, the crypto tax reporting software used by more than 300,000 investors.

Get started with a free preview report - there’s no need to enter your credit card information until you’re 100% sure the information given is accurate.