The Gemini crypto exchange platform was established in 2014 by Cameron and Tyler Winklevoss. This platform allows users to buy, sell, and trade in almost 60 types of crypto. The exchange is even available in-app forms that serve specific purposes. Users opt for the app because of its high-security level and is also easily navigable.
Even though Gemini keeps the platform simple for users to indulge in crypto trading, certain aspects, such as tax calculation, are missing. But if you are a crypto trader, it is essential to file for crypto taxes, per the new rules. The automated tax calculation platform, KoinX can help with it. This crypto tax software can handle numerous transactions and present an accurate report.
You can explore all about integrating Gemini with KoinX here. One must learn about it all before venturing into it.
A step-by-step guide on how to generate your Gemini tax report with KoinX
Step 1: Log in to your Gemini account.
Step 2: On the top right corner of the profile section, click on the Settings icon.
Step 3: In the API section, click on Create API key.
Step 4: In the scope section, select Master.
Step 5: In the API key settings, click on the Auditor checkbox.
Step 6: Log in to KoinX.
Step 7: Click on the Integrations section in the navigation bar.
Step 8: In the search bar, search for Gemini exchange and select the exchange.
Step 9: Paste your API keys and hit the Import Now button.
How to easily calculate & file your Gemini taxes with KoinX
Step 1: Add all the chains and exchanges where you have an account
KoinX allows tax report generation for multiple cryptocurrencies. The platform is compatible with a vast number of digital currencies. It is vital to set up the crypto exchange platform with KoinX first. For Gemini tax report generation, it is indispensable to set it up with KoinX so it can access all the relevant data.
Step 2: Review your transactions
KoinX generates reports per the latest tax laws. It will first differentiate the transactions based on their nature. It will also consider all the profits and losses, and will give you a preview. This will make the reviewing process a lot easier.
Step 3: Generate your tax reports for the selected financial year
It will start preparing the tax reports after it analyses all the given data. But you must first select the year for which they want the data. You can also categorise each transaction per your trading and investment method. You can also organise each transaction per your trading and investment method. You can segregate them into either capital gains or business income.
Step 4: File your taxes
You can download the tax report in multiple ways to easily file your taxes the way you want.
Important Things to Consider While Generating Your Gemini Tax Report with KoinX
One must pay attention to specific points while integrating Gemini with KoinX. These are as follows:
- Gemini can’t get the data from KoinX by itself. It is the user’s responsibility to set up all the transactions first. While doing so, it is vital to avoid gaps that can prevent errors.
- You need to transfer all the data from Gemini to KoinX first. It will ensure that it has all the required data starting from the Gemini account’s creation date to prevent errors.
- You need to review the data provided once before the platform begins the computation process of profits and losses. This will ultimately give rise to a mistake-free tax report.
It will be simple to integrate Gemini with KoinX if you heed all the above-given steps. Set up your KoinX account now to get hold of your crypto taxes!
Frequently Asked Questions
Do I need to report my Gemini transactions for tax purposes?
Yes, you need to report your Gemini transactions for tax purposes. As the law dictates, anyone trading in digital assets must file for taxes following their local laws.
Does Gemini report to the Income Tax Department?
No, Gemini does not report to the Income Tax Department. Gemini is a crypto exchange platform where trading in a wide range of digital currencies is possible. But it has to stay compliant with all the tax rules and regulations as it is a legal entity.
Does Gemini provide tax reports?
No, Gemini does not provide tax reports. It is a crypto exchange platform that facilitates buying, selling, or trading various digital currencies. You have to set up your account with KoinX. It is one of the most opted-for platforms for its accuracy in producing tax reports.
How are Gemini transactions taxed?
Gemini transactions are taxed per the laws made by the authorities. It has now become mandatory for all crypto assets to bear a 30% tax and 1% TDS. This rule has been implemented by the Indian Budget 2020. All platforms that are legitimate sources must follow such rules.
How does Gemini tax reporting with KoinX work?
When you set up your Gemini account with KoinX, you allow it to access all your transactions. It gets a look into all the data available. There are also provisions for checking improvements in the data if such a scenario arises. After this, the computation process for all the data available will commence. You can download the tax reports after it is over.
What are the most common issues with importing transactions from Gemini to KoinX?
Integration of Gemini with Koinx is full of specific issues. It is crucial to select the correct file first. You should then check whether the year and time they have chosen is the right one. The “read info” option should also be checked before generating the API key. It will prohibit the data from undergoing any changes.
How do I troubleshoot my Gemini integration with KoinX?
You can reference this article to explore further integrating Gemini with KoinX. You can even contact customer service at KoinX. You can contact them through live chat, Twitter, or [email protected].