--- title: "FTX" description: "The easiest way to calculate your FTX crypto taxes with Recap. Import your account statements in seconds." --- # FTX Crypto Tax Calculator The easiest way to calculate your FTX crypto taxes with Recap. Import your account statements in seconds. FTX collapsed in November 2022 and the estate is still paying creditors. That does not remove the tax position for the years you traded, and the distributions themselves may need reporting too. Upload what records you have and Recap turns them into a set of gains and losses you can file. > **Disclaimer** > > This content does not endorse FTX and is not tax advice. If you are unsure about your position, speak to a qualified tax professional. You can also share your Recap account with your accountant or adviser directly. ## What was FTX? FTX was a cryptocurrency exchange founded in 2018 offering spot, margin and derivatives trading. FTX Trading Ltd and its affiliates filed for Chapter 11 on 11 and 14 November 2022 in Delaware. The plan was confirmed on 8 October 2024 and took effect on 3 January 2025, which was also the record date for the first distributions to creditors. ### What FTX offered 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. [Connect FTX](https://recap.io/integrations/[object%20Object]) ## 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: This table shows Recap's default classification for common FTX 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. Refer to our [tax guides](https://recap.io/guides/crypto-tax-uk-a-comprehensive-guide) for a more detailed look at crypto tax rules. ## What an FTX claim means for your tax return Losing access to crypto is not automatically a disposal, and a bankruptcy claim is itself an asset you hold in place of what you lost. When the estate pays out, you may be receiving a different asset, or cash, rather than the coins you put in, and that is where a gain or loss usually crystallises. ### Putting a value on a claim The dates above matter because they fix which tax year each step falls into. Putting a reasonable value on a claim is a judgement call rather than a calculation, so this is a point to involve an accountant rather than rely on a default. Recap gives you the underlying history and the valuations; the position you take on the claim is yours to decide. ## 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. --- Canonical HTML: https://recap.io/integrations/ftx Site map: https://recap.io/sitemap.xml · AI manifest: https://recap.io/llms.txt Any page listed above is available as Markdown by appending `.md`, or by sending `Accept: text/markdown`.