How to calculate your Gemini taxes

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Sam Adams
Samantha Adams
Head of Content

Recap has a comprehensive integration with Gemini that makes it easy to manage your crypto tax calculations. Sign up for Recap and link your Gemini account to securely monitor each transaction, manage your cryptocurrency portfolio, and effortlessly automate your taxes.

*Disclaimer: The information provided in this content does not endorse Gemini. Furthermore, it does not constitute tax advice. If you are uncertain about any financial or tax-related matters, we strongly recommend seeking guidance from a qualified tax professional. Additionally, you may utilise our accountant and professional advisor sharing features.

What is Gemini?

Gemini helps individuals and institutions to buy, sell, and store bitcoin and other cryptocurrencies. Products include an exchange, an advanced trading platform, a USD-backed stable coin, staking, and an NFT marketplace.

Here's a breakdown of what Gemini offers:

  • Cryptocurrency Trading: Facilitates trading of a wide variety of cryptocurrencies, including Bitcoin, Ethereum, and numerous altcoins, with multiple trading pairs.
  • User-Friendly Interface: Provides an easy-to-navigate platform that caters to both novice and experienced traders.
  • Mobile App: Offers a mobile application that allows users to trade and manage their digital assets on the go.
  • Educational Resources: Provides educational content and tools to help users understand the cryptocurrency market and make informed trading decisions.
  • Gemini Earn: Allows users to earn interest on their cryptocurrency holdings by lending them through the platform.

How to automate your Gemini crypto taxes with Recap

You can make the process of calculating your taxes stress-free with our crypto tax software. Connect your Gemini account to Recap, and our system will classify and value all transactions using our unique fair-market valuation engine and determine your tax liability.

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How are Gemini Transactions Taxed?

Tax implications on your Gemini transactions differ based on transaction types and your tax jurisdiction. Here are the tax guidelines for the different transaction types on Gemini:

Transaction typeCGTIncomeTracked in Recap
Deposits
Withdrawals
Buying crypto with fiat
Crypto to crypto
Selling crypto for fiat
Earning staking rewards

Refer to our tax guides for a more detailed look at crypto tax rules.

Help Guides

Connecting your Gemini account

A step-by-step guide for adding your Gemini account to Recap.

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The Tax Reports

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The Tax Screen

A guide to the tax screen.

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Automate your Gemini tax reporting - takes 5 mins.

  • 1

    Sign up to Recap

  • 2

    Set up auto sync with our step by step guide

  • 3

    Generate your tax report ready to self-file or share with your accountant

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FAQs

Do I have to pay tax on my Gemini transactions?

Yes, you may need to pay tax on your Gemini transactions. Tax obligations vary depending on your country’s tax laws and the nature of your transactions. Common taxable events include selling cryptocurrency, trading between coins (crypto to crypto), and making purchases with crypto.

Do the tax authorities know about my Gemini transactions?

Tax authorities may become aware of your Gemini transactions through various means, such as data-sharing agreements between crypto exchanges and tax authorities or during tax audits. It's essential to report your crypto transactions to avoid penalties accurately. Using a crypto tax software like Recap can help ensure your transactions are properly recorded and reported.

What is the benefit of using a crypto tax calculator?

A crypto tax calculator automates the process of calculating taxes on your cryptocurrency transactions, providing accurate tax liability figures and ensuring compliance with tax regulations without manual calculations.