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How To Get Your Gemini Tax Documents With Koinly

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Last updated: Monday, 30 January 2023

How to do your Gemini taxes with Koinly 

Gemini is a user-friendly, popular crypto exchange, ideal for investors of all experiences with a huge range of investment options available including P2P trading, Gemini Earn, and the ActiveTrader platform for more experienced investors. Whatever your Gemini investments, Koinly can help you do your Gemini taxes safely, quickly, and accurately. 

  1. Sign up to Koinly and choose your country and currency
  2. Connect Gemini with Koinly to import all your Gemini trades safely and securely
  3. Koinly categorizes Gemini transactions into gains, losses and income
  4. Koinly calculates your Gemini Capital Gains Tax and Gemini Income Tax
  5. Download your Gemini tax report from Koinly
  6. File your Gemini taxes online or with your crypto tax accountant

Watch how to do your Gemini taxes fast 

How do I file my Gemini taxes?

The first thing you need to do is calculate any income or capital gains you made from Gemini investment activity. Then, you can report it to your country’s tax office. For most people, this happens as part of your annual tax return.

You can either do it yourself, by manually identifying your taxable transactions, calculating your net capital gain or loss, and any crypto income you have made.

Or, you can use a crypto tax calculator like Koinly, which will calculate your taxable income for you, and generate any Gemini tax reporting you need, ready to file with your tax office.

Koinly works by importing your Gemini transaction data. Let's look at an example - here's some transactions in a Gemini account.

Gemini transaction history example

You can import your Gemini transaction history via API integration or by uploading CSV files of your Gemini transaction history. Once you've done this, you'll be able to see your Gemini transactions in Koinly - like this.

Gemini transactions in Koinly

This lets you manage all your crypto transactions - from Gemini and any other exchanges you use - from one single platform, making crypto tax simple. Here's how to import your Gemini transaction data.

How to connect Koinly and Gemini automatically

On Gemini

  1. Log in to Gemini.
  2. In the top right corner, select account.
  3. From the drop down menu, select settings.
  4. On the left hand menu, select API.
  5. Select create new API key.
  6. Complete two-factor authentication and enter the authentication code.
  7. Under the scope drop down menu, select primary.
  8. Select next.
  9. Name your API key, for example, Koinly.
  10. Under API settings, check the Auditor box.
  11. Copy your API key and API secret.
  12. Check the API secret acknowledgement box.
  13. Select create API key.

On Koinly

  1. Sign up or log in to your Koinly account and go to the wallets page.
  2. Select add new wallet: Gemini.
  3. Select set up auto-sync.
  4. Paste the API key and API secret into Koinly.
  5. Select secure import.

Important

Staking rewards are not fully supported by the Gemini API currently. Users should use CSV files for their staking rewards instead.

How to integrate Gemini with Koinly using CSV

You'll need to start by downloading a CSV file with your full trading history from Gemini before you can upload it to Koinly - here's how.

How to download and export your transaction history CSV file from Gemini

  1. Log in to your Gemini account.
  2. In the top right corner, select account.
  3. From the drop down menu, select balances.
  4. Select the export icon.
  5. Select history.
  6. Select a date range.
  7. Select "download.xlsx".

How to upload your Gemini CSV to Koinly

  1. Sign up or log in to your Koinly account and go to the wallets page.
  2. Select add new wallet: Gemini.
  3. Select import from file.
  4. Upload your CSV file.

Important

Koinly needs your complete transaction history from Gemini - for however long you've been trading with your Gemini account. You can set your date range to include this entire time period.

How do I troubleshoot my Gemini integration to Koinly?

Having problems connecting Gemini and Koinly? Here's where you can find help:

Calculate your Gemini taxes

Sign up free today to calculate your Gemini taxes.

Does Gemini provide tax documents?

Gemini provides some tax documents for US users - including Form 1099-MISC. If you're outside the US, or need to report more than your income from Gemini, you'll need to get your complete transaction history from Gemini instead and either calculate your Gemini taxes yourself, or use a crypto tax calculator like Koinly to do it for you.

How do I get a Gemini tax statement?

The easiest way to get your Gemini tax documents is to connect to crypto tax software. You can either do this via API or by uploading a CSV file of your transaction history. Your crypto tax calculator will then calculate your Gemini taxes for you and generate your Gemini tax documents.

Do you get a Gemini tax 1099?

Gemini provides some tax documents for US users - including Form 1099-MISC. A 1099-MISC form is issued to US users who have earned more than $600 in income throughout the calendar year and are issued by the end of January the following year. Previously, Gemini issued Form 1099-K, but have since stopped issuing these to users.

Does Gemini provide financial or end of year statements?

No, Gemini doesn't provide financial or end of year statements specifically, but you can use your Gemini transaction history as a financial or end of year statement for tax reporting purposes.

Do I have to pay tax on Gemini?

Yes - if you have capital gains or income as a result of your crypto investment activities on Gemini, you'll need to report these to your tax office and pay taxes on them.

What does Gemini report to the IRS?

Gemini issues Forms 1099-MISC (for reporting other income) for non-exempt U.S. exchange account holders who have earned more than $600 (USD equivalent) in income during the calendar year. Additionally, starting on 1/1/2023 Gemini will also issue form 1099-B (or similar forms designed specifically for digital assets).

How do Gemini earn taxes work?

Generally, Gemini Earn rewards will be viewed as additional income by most tax offices and subject to Income Tax upon receipt based on the fair market value of your rewards on the day you receive them (in your fiat currency).

When will I get a 1099 form?

If you’re going to receive a 1099 form from Gemini, you should receive this by February of the following financial year at the latest.

Is Gemini safe?

Yes. Gemini is a secure crypto exchange that follows best security practices and most fiat assets stored in Gemini are FDIC insured. However, you should always store assets in a cold wallet that you’re not actively trading.

Does Gemini have proof of reserves?

Gemini has some exposure to FTX due to its relationship with Genesis Lending and has paused Gemini Earn withdrawals as a result. The exchange says operations will resume as usual soon and has committed to publishing a Merkle Tree proof of reserves audit in the future.