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How to Do Your FTX US Taxes?

FTX US is the American affiliate of FTX, a Bahamas-based company launched in 2019. Learn more about how you can do your FTX US taxes using ZenLedger.

FTX US is situated in San Francisco and was launched in 2020. It is the American affiliate of FTX, a company launched in 2019 based out of the Bahamas. This was because the primary version of FTX is not available to US traders, residents of the United States must utilize FTX US.

It's ideal for busy traders because it features reasonable trading costs and a large assortment of NFTs. The security provided by FTX.US is industry-standard. In addition to cold wallet solutions, the business backs up hot wallet money on a regular basis. Additionally, money stored in fiat U.S. dollars will be insured by the Federal Deposit Insurance Corporation (FDIC).

FTX US Tax Reporting

In the United States, cryptocurrency is categorized as a digital asset, and the IRS treats it similarly to stocks, securities, and other financial assets.

Cryptocurrency profits are taxed, but not in the same way as traditional assets. Cryptocurrency taxes are calculated based on how you got it (capital gain or income) and how long you held it. Any earnings, losses, or income from crypto assets must be reported on your tax filings.

Will FTX US Provide me with Tax Documents?

Other than FTX US, many crypto investors take the help of other exchanges, wallets, and platforms. You may be using other exchanges like Binance,  Kraken, or SushiSwap, wallets like Ledger or Trezor.

The issue with FTX US's analysis is that it is limited to the FTX US system. FTX US is unable to offer comprehensive profits, losses, and income tax information if you used other cryptocurrency wallets, exchanges, DeFi protocols, or other platforms other than FTX US.

Luckily, there is another option for investors to appropriately get their FTX US tax documents and submit their taxes. ZenLedger easily calculates your crypto taxes and also finds opportunities for you to save money and trade smarter. Let’s find out how to do your Coinbase Pro taxes with the help of ZenLedger.

Connecting Your FTX US To ZenLedger For Your Crypto Tax Forms

As one of the most comprehensive cryptocurrency tax software options on the market, we have import instructions for well over 400+ exchanges

Within ZenLedger, on the Import Transactions page and Exchanges tab, select the Exchange you want to import. Then you'll see a table that outlines the possible methods. For many centralized exchanges, we support a direct API code import, while others may require a CSV import. Decentralized exchanges may require a wallet address.

To import your transactions from an exchange, simply navigate to the [Exchanges] tab of the [Imports] page. Select the exchange that you are looking to import, (FTX US, in this case) and instructions will be provided for that specific exchange!

The Bottom Line

If you're a moderate to experienced crypto trader seeking more sophisticated services and skills, FTX.US is the place to go. To use the margin and loan functions, you must fulfill certain criteria, so if you have a big number of crypto assets, you are much more probable to profit. FTX.US is also handy if you're interested in DeFi apps and wish to utilize FTX Pay to manage payments.

While the costs are reasonable, FTX.US has a steep learning curve, which may be difficult for new crypto traders unfamiliar with the spot trading methodology.

ZenLedger easily calculates your crypto taxes and also finds opportunities for you to save money and trade smarter. Get started for free now or learn more about our tax professional prepared plans!

FAQs

1. Does FTX.US provide tax forms?

The issue with FTX US's analysis is that it is limited to the FTX US system. FTX US is unable to offer comprehensive profits, losses, and income tax information if you used other cryptocurrency wallets, exchanges, DeFi protocols, or other platforms other than FTX US. Luckily, there is another option for investors, such as ZenLedger, that’ll guide them to get their FTX US tax documents and submit their taxes.

2. Is FTX allowed in the USA?

No, FTX is not available in the USA. FTX US is situated in San Francisco and was launched in 2020. It is the American affiliate of FTX, a company launched in 2019 based out of the Bahamas. This was because the primary version of FTX is not available to US traders, residents of the United States must utilize FTX US.

3. How do I download an FTX statement?

To import your transactions from FTX, simply navigate to the [Exchanges] tab of the [Imports] page on ZenLedger’s Import Transactions page and Exchanges tab. Select the exchange that you are looking to import, (FTX US, in this case) and instructions will be provided for that specific exchange!

Simplifying DeFi, NFT, and Crypto Taxes for Investors and Tax Professionals.

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