In light of recent news surrounding FTX, we recommend our users export their FTX US CSV files as soon as possible to ensure they can report their previous taxable transactions on FTX US easily in the future. You can find detailed instructions on how to export your CSV files below. We recommend that you download all the available formats for the entire period that you used the exchange as you may not be able to export these files in the future. If you cannot log in or access your CSV files on FTX US, please read our guide.
The FTX US API is no longer operational as of the 13th of November. Not sure what to do to get your taxes done? Here's our quick Q&A:
Can I pull transactional data from my existing API integration? No. Their API is offline right now.
What about my transactions which are pulled in to Koinly prior to the 13th? Will they remain in Koinly? Yes. These are fine unless you delete them or your wallet under settings.
I'm new to Koinly and I want to import all my transactions from FTX, can I do this via the FTX API? No, their API is offline. No historic or current transaction will pull through as you will see errors upon attempting to connect with FTX and FTX.us.
Can I import my historic transactions via a CSV file I've downloaded from FTX? Yes, if you're able to get your transactional info in CSV, you can import it in to Koinly.
FTX US was set up to comply with the stricter regulations in the US around prediction crypto contracts. As of November 2022, FTX US has halted withdrawals and parent company FTX has filed for bankruptcy due to financial troubles. If you have taxable transactions from earlier in the financial year, you still need to report them to the IRS. Here's how.
FTX has filed for bankruptcy. This means anyone who can prove that the exchange owes them money will have to get in line to request repayment.
This will be a complex legal situation, as courts may have to decide how to treat individual clients, and where they rank in priority among other creditors. It is possible that your details as an investor on FTX are disclosed to the US authorities.
As at mid-November 2022, the situation with FTX US is still unfolding and there’s much uncertainty for investors regarding whether they'll recoup any of their losses. Here's what you need to know:
Regardless of the exchange’s collapse, the IRS is clear that crypto, including your transactions on FTX US, may be subject to Capital Gains Tax or Income Tax. The tax you'll pay depends on the specific transaction you've made and how long you've held the asset:
Yes. FTX US reports to the IRS in order to remain compliant and operational in the US. FTX US issues some users with Form 1099-MISC - and the IRS gets an identical copy.
You need to report any short-term and long-term gains or losses on Form 8949 and Schedule D, as well as any additional income from crypto on Form 1040 Schedule 1 (or Schedule C if you're self-employed) and file all these forms with the IRS as part of your annual tax return.
You can do this yourself, but it's time consuming. You'll need to identify each taxable FTX US transaction, the kind of tax that applies, calculate your short and long-term capital gains and losses and identify the fair market value of any crypto income in USD on the day you received it. Worse still, the IRS expects you to report every disposal (so anytime you sold, swapped or spent crypto) on Form 8949. Suffice to say, for active investors this is a mammoth task.
Which is why most investors opt to use crypto tax software like Koinly. Koinly does all of the above for you and generates a variety of US crypto tax reports including the IRS Form 8949 & Schedule D, TurboTax Report, TaxAct Report and more. All you need to do is connect via API or CSV, here's how.
1. Margin trades on FTX US are imported as PnL, so you will not see any actual trades, only the profit/loss from the trades.
2. Some users are reporting the FTX US API is now down. We recommend you use the CSV export method below and export your CSV files as soon as possible.
1. Investors using the FTX.US site should use the CSV file import method as FTX.US API integration often has issues for our users.
2. You do not need your order history CSV file.
Having trouble with the API or CSV FTX integration? Not to worry - there’s plenty of help available:
Sign up free today to calculate your FTX US taxes.
Although FTX US is a separate entity from parent company FTX, it has not escaped the issues FTX faced in light of the liquidity crunch unscathed. There is a warning on the site currently telling users not to deposit and to close their positions as trading may be halted imminently.
Yes. FTX US was set up after parent company FTX withdrew operations from the US due to regulatory issues.
No. FTX US is not available for current residents of New York State.
Yes. FTX US issues a 1099-MISC Form to any user with more than $600 in income in a single financial year. Income includes earnings like crypto interest, staking rewards and bonuses. If you're going to receive a 1099-MISC form from FTX US, you should receive it by the end of January of the following financial year. Remember, whenever you receive a 1099 form from a crypto exchange, the IRS gets an identical copy.