Recap has a comprehensive integration with Gemini that makes it easy to manage your crypto tax calculations. Connect your Gemini account to Recap to import your full history and automate your taxes. From 2026, tax authorities are widening the automatic reporting of crypto under frameworks such as the OECD's Cryptoasset Reporting Framework (CARF), so keeping an accurate record matters more than ever.
Disclaimer
The information provided in this content does not endorse Gemini. Furthermore, it does not constitute tax advice. If anything financial or tax-related is unclear, speak to a qualified tax professional. You can also share your Recap account with your accountant or tax adviser directly.
Why Gemini tax can be difficult to calculate manually
Gemini covers simple buying, active trading through ActiveTrader, and staking, and that spread of activity is what makes its tax position harder to pin down than it looks. A few things tend to trip people up:
What trips people up
- Staking rewards land as income. Rewards from staking are generally treated as income at the value you receive them, and they enter your cost-basis pool at that same value so only later growth is a gain. They arrive as a steady drip that is easy to leave in the account and overlook.
- Crypto-to-crypto trades are disposals. Swapping one asset for another is a disposal even though no ordinary money changes hands, and it is easy to treat as a simple switch.
- Two ways to trade. Simple buys and sells sit alongside ActiveTrader order-book trades, so an account can build up far more disposals than a casual glance suggests.
- A long, multi-asset history. Buys, sells, trades and rewards can stretch back years across many assets, and every disposal is measured against a cost-basis pool built from the whole record.
How to import your Gemini data into Recap
Connect your Gemini account to Recap by API and we import your full history automatically, including simple buys and sells, ActiveTrader trades, staking rewards, Earn interest, cashback rewards, deposits and withdrawals, however far back your account goes. Recap classifies and values every entry with our fair-market valuation engine and applies the tax rules for your jurisdiction, separating what is income from what is a capital gain.
Auto Sync with Gemini How are Gemini transactions taxed?
Tax treatment depends on the transaction type and where you are tax resident. Here is how the main Gemini activities are generally treated:
| Transaction type | CGT disposal | CGT acquisition | Income |
|---|---|---|---|
| Deposits | CGT disposal: no. The deposit itself is not a disposal. If Gemini charges a deposit fee in crypto, Recap records that fee as a separate disposal of the fee asset. | CGT acquisition: no | Income: no |
| Withdrawals | CGT disposal: no. The withdrawal itself is not a disposal. A withdrawal fee paid in crypto is recorded as a separate disposal of the fee asset. | CGT acquisition: no | Income: no |
| Buying crypto with fiat | CGT disposal: no. The fiat leg is disposed of in the engine but fiat is never a chargeable asset, so no gain arises. Gemini's trade fee is also emitted as a separate fee disposal, which only matters where the fee is paid in crypto. | CGT acquisition: yes. The purchased crypto enters your section 104 pool at the trade value. Recap's default: the fee is added to the acquisition cost on fiat-to-crypto buys. Configurable: ‘Deduct fees from trades’ (default off) instead nets a same-asset fee off the amount acquired. | Income: no |
| Crypto to crypto | CGT disposal: yes. The crypto sold is disposed of at the trade's valued amount, with the trade fee treated as an allowable cost; the fee is additionally recorded as a disposal of the fee asset. | CGT acquisition: yes. The crypto received is acquired into the pool at the same valued amount. Recap's default: HMRC valuations are driven by the quote side of the pair (‘Trade valuation method’ = Quote for portfolios created after 2022-05-25). Configurable: switch to Disposed to value from the disposed side. | Income: no |
| Selling crypto for fiat | CGT disposal: yes. Disposal of the crypto sold at the trade value, with the Gemini trade fee deducted as an allowable cost. | CGT acquisition: no. The fiat proceeds are recorded but fiat is never a chargeable asset, so no pool acquisition arises. | Income: no |
| Staking rewards | CGT disposal: no | CGT acquisition: yes. The reward also enters your section 104 pool at the same market value, which becomes its cost when you later dispose of it. | Income: yes. Recorded as income at market value on receipt. Gemini Earn interest is recorded as general income and staking interest as a staking reward; both are income. Configurable: ‘Deduct fees from income’ (default off) deducts a same-asset fee before valuing. |
| Transferring between your own accounts | CGT disposal: no. Moving coins between your own accounts is not a disposal. Any network or withdrawal fee paid in crypto is recorded as a separate disposal of the fee asset. | CGT acquisition: no | Income: no |
This table shows how Recap classifies each transaction type by default. Some treatments — such as the acquisition cost used for airdrops — are configurable in Recap. This is general information, not tax advice; consult a qualified tax professional about your circumstances.
This table shows Recap's default classification for common Gemini transactions. It is not an exhaustive schedule or a ruling. Treatment depends on your circumstances and jurisdiction, and you can recategorise any transaction where yours differ. Confirm your position with a qualified tax adviser.
Selling crypto for fiat and swapping one crypto asset for another are disposals for capital gains purposes, each measured against your cost-basis pool. Staking rewards are generally treated as income at the value you receive them, with any later disposal of those coins also potentially creating a capital gain. Transfers between your own accounts are not disposals.
Refer to our tax guides for a more detailed look at crypto tax rules.
What's in your Gemini tax report
Recap turns your full Gemini history into a single tax report: capital gains, losses and income worked out under the rules for your jurisdiction, simple and ActiveTrader trades pooled correctly, staking rewards valued on the day they arrived, and a clear year-by-year summary you can file yourself or hand straight to your accountant.
Common Gemini tax challenges and how Recap solves them
Gemini accounts produce a few recurring tax problems. Here is how Recap handles each one:
The recurring problems
- Staking rewards as income. Rewards land as many small income events. Recap values each one at the point you receive it, so none are missed.
- Crypto-to-crypto trades. Coin-for-coin trades are disposals, not simple swaps. Recap calculates the gain or loss on each one automatically.
- Simple and ActiveTrader activity together. Two trading surfaces mean more disposals than expected. Recap imports both and reconciles them into one position.
- A long, multi-asset history. Years of activity across many assets are slow to reconstruct. Recap pools every disposal into a single cost-basis position.
Why Gemini users choose Recap
Gemini users often choose Recap because simple buys, ActiveTrader trades and staking rewards each need handling differently for tax, which is painful to reconcile by hand. Rather than piecing it together, you can connect by API and see your gains, losses and income reconciled in one report, ready to file or share with your accountant.
