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Gemini is a US-based crypto exchange allowing traders/investors to purchase and sell cryptocurrencies as well as earn interest from their investments. Founded in 2013 by Cameron and Tyler Winklevoss, Gemini is licensed and regulated by the New York State Department of Financial Services. The crypto exchange is known for its security protocols and it goes as far as providing insurance if Gemini goes through a theft, hack, or security breach. 

Gemini even takes care of its users when it comes to taxes by providing them with tax documents. So, if you are new Gemini users and wondering what Gemini crypto tax documents to fill out, worry no more. In this guide, we hope to help you with everything related to your Gemini taxes. 

Connecting your Gemini Address to ZenLedger For Your Gemini Tax Documents

As one of the most comprehensive cryptocurrency tax software options on the market, we have import instructions for well over 500+ 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. We support a direct API code import for many centralized exchanges, 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, and instructions will be provided for that specific exchange!

Taxation of Gemini’s Transactions

According to the IRS, a cryptocurrency is a form of property. This means that these digital assets are subject to both income tax and capital gains tax. 

Income Tax Events: If you earn interest on your crypto investments, which are generally in the form of more cryptocurrencies, it will be considered a form of personal income and will be taxed accordingly. Receiving interest from Gemini would also fall into this category. 

Capital gains events: Every time you sell or exchange your crypto tokens for other tokens, you either incur a capital gain or a loss. 

Tax Forms Sent by Gemini to its Users

For Gemini users who’ve earned $600 or more on the platform, Gemini sends them a Form 1099-MISC. One copy of the form is sent to the user and an identical copy is sent to the internal revenue services (IRS). However, in the future Gemini might have to send additional 1099s to its users due to the passage of the American Infrastructure Bill. 

Why Haven’t I Received All My Tax Records From Gemini?

Form 1099-MISC misses out on some of the crucial information required to report taxes accurately. It is for reporting ‘miscellaneous income’ from referral rewards and staking. This form does not include any capital gains/losses information.

There’s one more reason behind you not receiving all Gemini crypto tax documents for your tax report. A majority of crypto investors use several exchanges, platforms, and wallets. Gemini cannot track the transactions held on other exchanges and platforms, making it difficult for the exchange to determine your gains or losses. 

You can get a record of your entire crypto transaction history with ZenLedger. Along with Gemini, the platform can connect with more than 500 crypto exchanges. With ZenLedger’s unique Grand Unified Accounting you can see your entire transaction history across all of your wallets and exchanges in one easy-to-read spreadsheet. 

Perks of Using Gemini

Now that we’ve discussed the Gemini tax documents, let’s talk about some benefits of using this exchange.

Low minimums

Gemini has very low minimum order amounts. For instance, an investor can start by investing in Bitcoin with just 0.00001 BTC. Other crypto tokens can be bought with similar small investments. 

$50 New User Bonus

A new user can get a $50 bonus in Bitcoin if they invest at least $1,000 within the first 30 days of opening an account. 

Mobile App

Gemini’s seamless mobile app allows users to buy/sell/convert crypto from their mobile devices. Users can set a price alert for a token and the app will remind you when the token hits that price. The app has got 4.8 stars out of 5 on the App Store and 4.5 out of 5 on the Google Play Store. 

Advanced Trading Platform

Gemini’s desktop trading platform is pretty easy to use. Users can set recurring buys and sell as well as convert crypto tokens. The exchange also offers the Gemini ActiveTrader platform ideal for professional-quality trading. Users can place multiple orders with the platform and use the advanced charting tools to make informed decisions. Additionally, this platform is mobile-optimized as well. 

Gemini Earn

Gemini Earn distinguishes Gemini from its competitors. This feature allows investors to earn interest on the tokens they are HODLing. However, interest rates are subject to change and taxes. The Geminin tax documents will contain any income earned from Gemini Earn. 

Educational Resources

Gemini has one of the most impressive collections of crypto educational content in its cryptomeria educational library. This educational content covers everything from an introduction to cryptocurrency to more advanced topics such as blockchain technology, trading, and more. 

To Summarize

Gemini has everything a beginner as well as an experienced trader needs from a quick setup and convenient interface to strong and advanced tools. Its fees might be a bit higher than its competition but its incredible mobile and web apps, security features, and insurance are applying to investors who are new in the crypto world.