How to calculate your FTX taxes

  • Recap CSV
1 min read
Last updated:
ftxImport Recap CSV
Sam Adams
Samantha Adams
Head of Content

Recap has a comprehensive integration with FTX that makes it easy to manage your crypto tax calculations. Upload your FTX transactions to Recap to securely monitor each transaction, manage your cryptocurrency portfolio, and effortlessly automate your taxes.

*Disclaimer: The information provided in this content does not endorse FTX. 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 was FTX?

FTX was a leading cryptocurrency exchange founded in 2018 offering spot and leveraged trading products. It fell into bankruptcy in November 2022.

Here's a breakdown of what FTX offered:

  • Cryptocurrency Trading: Facilitated trading of various cryptocurrencies, including Bitcoin, Ethereum, and numerous altcoins, with advanced trading tools and features.
  • Derivatives Trading: Provided options for trading cryptocurrency futures, options, and other derivatives, allowing users to speculate on price movements.
  • Leveraged Tokens: Offered leveraged tokens that provided a way to gain leveraged exposure to cryptocurrency markets without the complexities of margin trading.
  • Spot and Margin Trading: Enabled both spot trading and margin trading, with leverage options for more advanced trading strategies.
  • Staking Services: Allowed users to stake certain cryptocurrencies to earn rewards.
  • OTC Trading: Provided over-the-counter (OTC) trading services

How to simplify your FTX crypto taxes with Recap

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

ftxImport Recap CSV

How are FTX Transactions Taxed?

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

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 FTX US account
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Connecting your FTX International account
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How much profit do I have to make on cryptocurrencies to be liable to pay tax in the UK?
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Automate your FTX 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

ftxImport Recap CSV

FAQs

Do I have to pay tax on my FTX transactions?

Yes, you may need to pay tax on your FTX 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 FTX transactions?

Tax authorities may become aware of your FTX 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.