How to Do Your FTX Taxes

How To Do Your FTX Taxes

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

on this page

FTX Tax Reporting

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

FTX exports a complete Transaction History file to all users. Simply navigate to your FTX 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 Tax Reporting

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

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

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

FTX Tax Reporting

Navigate to your FTX 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 Generate My Tax Forms?

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

Looking to report your FTX transactions on your taxes?

FTX’s bankruptcy in 2022 caused shockwaves throughout the crypto ecosystem and left customers wondering whether they would be able to recover their holdings.

In this guide, we’ll break down everything you need to know about how FTX transactions are taxed. We’ll also share a simple tip that can help you file your crypto taxes in minutes.

What is FTX?

FTX is a cryptocurrency exchange founded by Sam Bankman-Fried and Gary Wang in 2019. In 2022, it was estimated that the exchange had more than $10 billion in daily trade volume.

In November 2022, FTX filed for bankruptcy after rumors of financial difficulties and liquidity issues.

For information on FTX’s US subsidiary, check out our article on FTX.US taxes.

I made gains on FTX but can’t withdraw my funds. Do I still need to report this on my taxes?

If you’ve earned income or made gains from cryptocurrency on FTX during the tax year, you’re required to report this on your tax return — even if you no longer have access to your holdings.

However, if you permanently lose access to your cryptocurrency, you may be able to write off its value as an investment loss (more on this in the next section). Losses can be used to offset capital gains from cryptocurrency and other assets.

Can I report my FTX losses on my tax return?

At this time, it’s unclear whether FTX customers will regain access to their funds after bankruptcy proceedings — a process that can take years to complete.

If you lose access to your FTX holdings permanently, you may be able to write off the value of your lost crypto-assets as an ‘investment loss’. However, you will relinquish the right to re-claim your holdings in the future.

For more information, check out our guide to writing off your FTX losses.

How is cryptocurrency taxed?

In most countries, you’ll pay taxes on crypto when you earn or dispose of crypto.

When you earn crypto, you’ll recognize income based on the fair market value of your cryptocurrency at time of receipt.

When you dispose of crypto, you’ll recognize a taxable gain or loss depending on how the price of your coins have changed since you originally received them.

For more information, you can explore our guides to how cryptocurrency is taxed in various countries.

Does FTX report to tax authorities?

FTX does collect KYC (Know Your Customer) information when you sign up for an account. According to the exchange’s privacy policy, FTX will share your information when compelled to do so by law enforcement.

What records do I need to report my FTX taxes?

It’s important to keep a careful record of your cryptocurrency transactions. Generally, it’s recommended that you keep track of the following information for at least 5 years.

The type of cryptocurrency
The amount of cryptocurrency
Your reason for making the transaction
The date you received your cryptocurrency
The date you disposed of your cryptocurrency
The fair market value of your crypto at the time of receipt
The fair market value of your crypto at the time of disposal
The other party involved in the transaction (even if it’s just their wallet address)
Any relevant fees

Does FTX provide tax forms?

At this time, FTX doesn’t provide tax forms to users.

Typically, cryptocurrency exchanges have trouble reporting taxable income to their users. Because investors often transfer their coins across different wallets, it’s difficult to find information on cost basis — which is needed to calculate capital gains and losses.

As a result, the burden for keeping records of crypto transactions falls on the investor.

Trying to manually track your cryptocurrency transactions for tax purposes can be difficult. Luckily, there’s an easier way.

With cryptocurrency tax software like CoinLedger, you can generate a comprehensive crypto tax report in minutes.

How to file your FTX taxes in minutes

With CoinLedger, you can report your FTX taxes in a few simple steps.

Step 1:

Step 2:

Choose a subaccount from which transactions will be exported. You will need to export transactions for each subaccount.

Step 3:

Click on Deposits. Check the box Show time in UTC and then click Download CSV (cloud icon).

Step 4:

Click on Withdrawals. Check the box Show time in UTC and then click Download CSV (cloud icon).

Step 5:

Click on Fills. Then click Download CSV (cloud icon).

Step 6:

Go to the CoinLedger app. Select Add Account then choose the FTX tab on CoinLedger. Click on Upload File and drag each of your CSV files into the box to import your transactions.

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