Gemini (Crypto currency software) aims to make the crypto tax filing process easier for its customers by forming partnerships and offering useful information.

Gemini discusses a few topics to help it’s users better understand the cryptocurrency taxes such as who will get Forms 1099-MISC and what types of cryptocurrency revenues must be declared on your taxes. They will also discuss its partnership with TaxBit, which enables qualified Gemini customers to open free accounts.

For clarity Gemini is a regulated cryptocurrency exchange, wallet, and custodian that makes it simple and secure to buy bitcoin, ether, and other cryptocurrencies.

Tax Bit is the most trusted platform that unifies digital assets tax and accounting across enterprises, consumers, and governments. Individual. Enterprise.

Here are five pointers to assist you with your 2021 crypto taxes:

1. Who should pay cryptocurrency taxes? Regardless of whether you obtain a tax form from Gemini, all crypto assets owned by US individuals (US citizens or residents) are taxable and must be disclosed on a US tax return (e.g., a Form 1099-MISC, which we will get into next).

NOTE: If your sole action was to buy crypto assets with fiat money and you had no profits or dispositions, you should not owe taxes on your crypto.

2. Who will be sent a Form 1099-MISC by Gemini? Gemini sends Forms 1099-MISC to non-exempt U.S. exchange account holders who earned more than USD 600 (or the equivalent in USD) in income during the applicable calendar year. Download your Form 1099-MISC (or check you did not get one) from the “Statements and History” section on the “Account” page of the Gemini website or mobile app.
3. What types of cryptocurrency profits are taxable? The Internal Revenue Service (IRS) has published guidelines on the taxation of crypto activities like as profits, gains, losses, and gifts. How these transactions are taxed may differ based on your individual tax status, which is why each filer must analyze their own situation individually. On the Gemini exchange, crypto assets may also be earned through lending assets via Gemini Earn, as well as through incentives or promotions.
4. How can you get access to your transaction history? You may be obliged to resort to your transaction data while completing your US tax filing responsibilities. Once you’ve logged in to your account, you may check your transaction history by doing the following: 1) Go to https://exchange.gemini.com/history/. 2) Navigate to the “Transaction History” tab. 3) Select your chosen date range and click the download option. When you click “Download.xlsx,” the transaction history will be downloaded to your device.
5. Where can I obtain IRS information about crypto taxes? Gemini always recommends consulting with a tax adviser to assess your particular tax requirements, however if you want to do some study on IRS crypto rules on your own, here are some resources: the IRS’ FAQ on Virtual Currency Transactions, as well as IRS Publication 544, which explains how profits and losses from cryptocurrency dispositions may be taxed differently for various categories of investors.

Gemini cryptocurrency exchange helps users with collaboration with the crypto tax portal TaxBit. Gemini customers will be eligible for a free TaxBit account, which might greatly simplify cryptocurrency tax reporting process.

Tax Bit are committed to giving the best crypto experience possible, and providing people with information to assist users correctly to report crypto profits, which is a vital part of that process.