Does Gemini Provide Tax Documents?

Does Gemini Provide Tax Documents? – Ultimate Guide

If you’re wondering if Gemini provides documents, the answer is: it depends on where you are located. If your Gemini account is in the United States, Gemini issues a Form Form 1099-MISC if you have earned more than $600 (USD equivalent) in income on the exchange during the calendar year. The 1099-MISC will only contain income tax events on Gemini.

Gemini does not provide tax documents detailing your capital gains tax information. In order to determine your gain or loss to put on your tax return, you will need to work with a tax professional or use a crypto tax calculator.

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

Gemini doesn’t provide all of your tax documents because of the complexity required for them to prepare and report to you. For example, you may have purchased or sold crypto on a different exchange account. They only have access to your trading history on the gemini platform and do not have access to external data.

Gemini provides a 1099-MISC, but does not provide a complete tax report. It is your responsibility to provide these forms to your tax professional, and to download your transaction history to generate a complete tax report.

Does Gemini report to the IRS?

Yes, Gemini reports to the IRS. Gemini is a US-based financial institution, therefore is required to comply with IRS regulations and report certain financial activities.

This includes reporting customer account information and any relevant tax documents. Gemini provides all necessary tax reporting for its users, including the issuance of 1099 forms for eligible transactions.

What tax forms does Gemini send?

Gemini will only send a Form 1099-MISC to non-exempt US users who have earned over $600 of income on the platform.

Due to the complexity of reporting, Gemini will not provide other tax documents such as a form 1099-B or form 1099-k

How To Get Your Gemini Tax Documents

From the Gemini website here are instructions to find your tax forms:

Accounts that have been issued a Form 1099-MISC will receive a notification via email to retrieve the Form.  You can download your Form 1099-MISC (or confirm you did not receive one) in the Statements and History section on the Account page on the Gemini web or mobile app.

On the app:  Go to Account (icon on top right of the mobile app) > Statements and History > Tax Documents > Form1099MISC/ 2022 > Download.pdf

On the website: Go to Account > Balances > Press the Download button (the shape that looks like a down arrow into a box) > Tax documents > Form1099MISC/2022 > Download

If you have not been issued a Form 1099-MISC for 2022, you will see a message that notifies you that the account does not have a tax form once the Download button is pressed.  

How does Gemini tax reporting work?

Gemini will only provide you with specific tax documents, and it is your responsibility to provide records of any disposals of crypto assets on Gemini or other exchanges.

Although Gemini will not provide you with these tax documents, you can download your transaction history and/or connect your account to a crypto tax software via api.

This will allow you to report any crypto transactions, like buys and sells, which might result in a capital gain.

How To Generate Cryptocurrency Tax Reports

Because Gemini cannot provide all of the forms you need for crypto tax reporting, Gemini users will need to report their own crypto tax forms.

A service like Crypto Tax Made Easy can generate your crypto tax reports for you, or you can use a crypto tax software like Koinly to get the job done.

How To Calculate your Gemini Taxes

The easiest way is to have an expert do it for you. All you have to do is provide them with the necessary documentation, and they will prepare your reports for you. 

If you do not wish to pay someone else to do the work for you, then you will have to set up your own tax software, go through a manual review and reconciliation process, and then download the tax forms yourself.

How Does Cryptocurrency Tax Software Help?

Cryptocurrency tax software is helpful because you can import your transaction history, and it will calculate everything necessary to report your income tax from crypto investments like staking rewards, as well as your capital gain or loss from crypto exchanges and wallets.

It also makes sure to track an accurate cost basis for your digital assets, and allows you to easily report your Gemini taxes.

How are Gemini transactions taxed?

There are a number of transactions that occur on Gemini which may generate income that appears on your Gemini tax forms.

In particular:

  1. Gemini Earn 
  2. Referral Rewards
  3. Staking

The income that is reflected on your from 1099 for these services will be calculated by identifying the USD price of the earnings you received at the time you earned them.

For Gemini Earn:

Earnings from lending crypto assets through the Gemini Earn program will be calculated by identifying the daily asset allocation multiplied by the current price of the asset at the time of allocation. Forms 1099-MISC will be issued according to this calculation (reflecting the USD equivalent) regardless of whether assets have been redeemed from Earn. 

From Staking:

Reportable earnings from Staking crypto assets through the Gemini Staking program will be calculated by identifying the daily asset allocation multiplied by the price of the asset at the time the asset becomes available to the staking participant.

Connecting your Gemini Address to Generate Your Gemini Tax Documents

There are two ways to connect your Gemini address to tax software in order to generate your tax forms.

A csv import is usually the most complete and accurate way. The downside is that it does not automatically update. You have to manually export the csv from Gemini and upload it to your tax software.

An API is the fastest way to connect, and allows for automatic transaction synchronization. But it can be less accurate and potentially poses security risks if set up improperly.

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

Whether you calculate your crypto taxes yourself, or use an expert service like Crypto Tax Made Easy, it is necessary to get access to your transaction history. When importing your Gemini transaction history to a crypto tax software the most accurate way to do this is with a csv file.

Gemini provides instructions for how to download and export your transaction history csv file:

1 – To download transaction statements on the website, you can go to Account> Balances> press the Download button > select Transaction History> Exchange Transaction History> set the appropriate date range> download the report. This statement will give you purchase, sell, deposit, and withdrawal history as well as bonus/prize/referral income.  

2 – For other income earned on the exchange (via Earn and Staking), you can download the Grow statement using the following path: Account> Balances> press the Download button > select Transaction History> Grow Transaction History> set the appropriate date range (1/1/2022 through 12/31/2022)> download the report. 

How to connect Gemini with API

Connecting Gemini to your crypto tax calculator using an API might not pick up all of your transactions. However, it it is the easiest way to get your transactions automatically synced for more up-to-date transaction data.

In order to do this you will need to generate a “read-only” api key. It is very important for security purposes that you only provide “read-only” access to your account so that no malicious actors can hack your account.

You can visit Gemini’s help center for instructions.

Common issues with importing transactions from Gemini

The most common issue with importing transactions from Gemini is if you have an invalid or expired API Key.

If this is the case, then you need to revisit Gemini, generate a new API key, and sync it to your crypto tax platform.

How do I troubleshoot my Gemini integration?

If generating a new API key does not solve the issue, the best option is to contact customer support for the crypto tax software which you have set up to see if it is an error on there end.

Sometimes platforms like Gemini can change their API endpoints, and this can affect apps that use their API.

If the problem persists, consider contacting Gemini.

Get Expert Help With Calculating Your Crypto Taxes

If you want an expert review of your crypto activities, and to have accurate crypto tax reporting you can request a free crypto tax review from our team.

We will help you set up your crypto tax software, review your transactions for costly errors, and give you a flat rate quote for the work that costs way less than other accountants.

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