Yes. Gemini reports your digital asset disposals to the Internal Revenue Service (IRS) on Form 1099-DA, a requirement that began with 2025 activity. Starting in tax year 2026, Gemini also reports cost basis for the first time, but only for assets purchased directly on Gemini on or after January 1, 2026, and held there until sale. As a result, crypto bought earlier or transferred from another platform may still be reported with proceeds but without cost basis.
With that distinction in mind, this guide explains what Gemini reports to the IRS, how the IRS cross checks that information against your tax return, and why the proceeds reported on your 1099-DA may not always match your actual taxable gain. It also covers how to identify missing cost basis and correctly report your Gemini transactions.
Key Takeaways
- Yes; Gemini issues Form 1099-DA to the IRS starting with 2025 activity, and cost basis reporting begins for tax year 2026, but only for assets you both bought and held on Gemini itself starting January 1, 2026.
- Gemini also reports staking, referral, and promotional income of $2000 or more on Form 1099-MISC for payments made on or after January 1, 2026.
- Gemini has never received an IRS “John Doe” summons, but it must still provide records when legally required, while you remain responsible for reporting any cost basis Gemini cannot calculate.
How Gemini Reports to the IRS?
Gemini’s reporting obligations to the IRS depend on the type of activity involved, sales, staking rewards, and referral income each treated differently under current broker rules. The table below reflects those requirements as of tax year 2026; confirm current thresholds before relying on them, since reporting rules have shifted before.
Form / Requirement | Status for Tax Year 2026 |
Form 1099-DA for gross proceeds | Required for every sale, conversion, or disposal, including crypto-to-crypto trades and spending crypto on goods or services. Stablecoin sales get a $10,000 annual de minimis threshold; every other asset is reported disposition by disposition, even sales under $1. |
Form 1099-DA for cost basis | Required starting tax year 2026, but only for “covered assets,” crypto purchased directly on Gemini on or after January 1, 2026, and held on Gemini until sold. Assets bought earlier, or acquired anywhere else, remain non-covered even this year. |
Form 1099-MISC for staking, rewards, referral, promotional income | Required once you earn $2,000 or more for payments made on or after January 1, 2026, including stablecoin deposit rewards. Previously the threshold for 1099-MISC was $600, however, it rose to $2000 as per One Big Beautiful Bill Act for TY 2026 and onwards. |
Form 1099-B | Not issued. Gemini doesn’t file this form for any activity. |
Form 1099-K | Not issued. |
Backup withholding | Not applied for tax year 2026. IRS Notice 2025-33 extends relief from the 24% backup withholding requirement (Section 3406) through calendar year 2026. |
CARF (Crypto-Asset Reporting Framework) | The US is not a formal CARF signatory. Form 1099-DA serves as the domestic equivalent, and any cross-border information exchange involving US persons currently runs through FATCA treaties rather than CARF. |
Gemini delivers both Form 1099-DA and any Gain/Loss Statement by February 15 each year.
How Does the IRS Track Your Gemini Transactions?
Form 1099-DA is not the only source of information available to the IRS to track your crypto transactions. In addition to this , the IRS can use your certified tax information to link that activity to your identity, automatically compare it with your tax return, and, where necessary, obtain additional records through legal requests. Together, these layers give the IRS a broader view than the 1099-DA alone.
TIN Certification And Account Linked Data
First, Gemini uses the name, Tax Identification Number, and address associated with your account to prepare its tax forms. This information comes from your Form W-9 if you are a US person or Form W-8 if you are a non US person. Once Gemini files the relevant form, these details help the IRS match your reported activity to your specific tax return.
Form 1099-DA And IRS Underreporter (AUR) Matching
Once the IRS receives Gemini’s information, its Automated Underreporter (AUR) system can compare the reported proceeds and income with the amounts on your tax return. Because Gemini’s 2026 1099-DA may not include cost basis for assets acquired before 2026 or transferred from elsewhere, differences between your reported proceeds and actual gain can occur. Even so, a mismatch may trigger a CP2000 notice or CP2501 notice asking you to explain the difference.
Legal Requests
Beyond automated matching, the IRS can also seek records directly when reported information does not provide a complete picture. Gemini has not been served with an IRS John Doe summons like the one used against some other exchanges, but the IRS can petition a federal court for such an order when necessary.
Why Your 1099-DA May Not Match Your Actual Gain?
The mismatch can happen because Gemini’s 2026 cost basis reporting is narrower than you might expect. Gemini reports cost basis only for assets purchased on Gemini on or after January 1, 2026, and held there until sale. Therefore, even crypto purchased directly on Gemini before 2026 can appear as non covered with no basis reported.
This means the issue is not limited to investors who transferred crypto from other platforms. In fact, it can affect many existing Gemini users with holdings from earlier years. For example, Mia bought 2 ETH on Gemini in 2023 for $4,200 and sold them in 2026 for $7,500. Her 1099-DA may show $7,500 in proceeds but no basis, even though her actual gain is only $3,300.
As a result, missing basis can make your taxable gain appear much higher than it actually is. Gemini’s Gain/Loss Statement marks positions with missing basis with an asterisk (*), so you should check for these before filing. If you cannot provide your actual basis during an IRS review, the full proceeds may be treated as gain. This is where tools like KoinX become useful, as they can help reconstruct basis for pre 2026 Gemini purchases and assets transferred from other platforms.
How to Download Your Gemini 1099-DA and Transaction History?
Before filing your crypto taxes, gather both your Gemini 1099-DA and transaction records. These documents help you verify the proceeds Gemini reported, identify missing cost basis, and calculate your actual gains or losses before reconciling everything with your tax return.
Download Your Form 1099-DA
Once Gemini makes your 1099-DA available, you can download it from the tax section of your account.
- Sign in to your Gemini account.
- Go to Settings.
- Select Statements & Taxes, then Taxes.
- Choose tax year 2026.
- Download your Form 1099-DA.
You will receive an email once it is ready.
Download Your Transaction History
Your transaction records help fill any gaps in the 1099-DA, particularly where Gemini does not have your original cost basis. Here is how you can download transaction history from Gemini:
- From the same Taxes section, select your cost basis method: FIFO, HIFO, or LIFO. Gemini defaults to FIFO if you do not choose one.
- If you transferred assets into Gemini or held assets purchased before 2026, enter the acquisition cost and date for each asset under the transferred assets section so Gemini can calculate the gain or loss for those positions.
- Download your Gain/Loss Statement and check for asterisks (*) marking positions with missing cost basis.
- Separately, export your complete transaction history as a CSV file.
- Import both files into KoinX to automatically reconcile your transaction history and gain or loss figures against your 1099-DA.
Once you have your Gemini records, connect your Gemini account to KoinX to reconstruct the cost basis for pre 2026 purchases and assets transferred from other platforms, including transactions outside Gemini’s covered asset window. This helps you reconcile your actual gains with the figures reported on your 1099 DA. See the Gemini integration guide
Common Misconceptions About Gemini and IRS Reporting
Gemini’s reporting obligations can be easy to misread, especially now that Form 1099-DA includes a cost basis for TY 2026 transactions. However, the form does not cover every transaction, such as transactions that did not occur on Gemini or were made before January 1, 2026 may still have missing basis. Also this does not replace your own tax reporting. These common misconceptions explain what Gemini reports, what remains your responsibility, and where gaps can still arise.
Gemini Doesn't Report Anything To The IRS
Gemini does report qualifying crypto activity to the IRS. As a US based exchange, it issues Form 1099-DA for covered digital asset disposals and Form 1099-MISC for qualifying income. Therefore, your Gemini activity can reach the IRS through different information returns, depending on whether you sold assets or received reportable income.
Now That Cost Basis Is Included, My 2026 1099-DA Is Complete
Including a cost basis does not make your 2026 1099-DA complete for every transaction. Gemini reports basis only for covered assets purchased on Gemini from January 1, 2026 onward. Crypto bought before that date, even on Gemini, or transferred from another platform can still appear as non-covered without a reported basis.
Since Gemini Doesn't Send A 1099-B, My Trades Aren't Being Reported
Gemini does not provide Form 1099-B for your futures and options activity, but that does not make gains from futures or options tax free. If you trade these instruments through another platform, you remain responsible for reporting the resulting gains or losses on your tax return, even when the platform does not issue a 1099-B.
Only Cashing Out To USD Is Taxable
Converting crypto into US dollars is not the only transaction that can create a taxable event. Trading one cryptocurrency for another on Gemini can trigger a reportable gain or loss, as can spending crypto directly. Therefore, a crypto to crypto swap can have tax consequences even when no fiat currency reaches your bank account.
Small Trades Won't Get Noticed
Small trades can still appear in Gemini’s IRS reporting. While a $10,000 de minimis threshold applies specifically to certain stablecoin sales, other covered disposals are generally reported regardless of size. Moreover, the IRS Automated Underreporter system can compare reported information across its dataset, so transaction size alone does not make activity invisible.
How to Report Your Gemini Trades Correctly?
Reporting your Gemini trades correctly starts with calculating your actual gains and losses rather than relying only on the figures shown on your 1099-DA. Once you have those figures, you can reconcile them with Gemini’s records and, finally, report the correct amounts on your tax return.
Step 1: Calculate Your Actual Gain Or Loss
First, calculate the gain or loss for each Gemini disposal using your transaction history and original purchase records. Subtract your actual cost basis from the proceeds received. If you need help, KoinX can automatically calculate your gains, including the basis for pre 2026 Gemini purchases and assets transferred from other platforms.
Step 2: Reconcile Against Your 1099-DA And Gain/Loss Statement
Next, compare your calculated gains and losses with the figures on your 1099-DA and Gemini Gain/Loss Statement. Pay particular attention to any line marked with an asterisk, as this indicates a missing basis. Before filing, add your own acquisition details so these transactions reflect your actual taxable gain.
Step 3: File Form 8949 And Schedule D
Finally, report each taxable disposal on Form 8949 and carry the totals to Schedule D. Income such as staking or referral rewards may need to be reported separately on Schedule 1. Keep your transaction records and reconciliation documents available in case the IRS sends a CP2000 notice about a mismatch.
Conclusion
Gemini reports your trades to the IRS through Form 1099-DA, qualifying income through Form 1099-MISC, and your identity through the certified TIN information on your account. With cost basis reporting starting in tax year 2026, the IRS now has greater visibility into your Gemini activity, even though Gemini has never faced a John Doe summons.
However, greater reporting does not mean your 1099-DA will always show your complete taxable gain. Gemini’s cost basis coverage applies only to assets bought on Gemini from 2026 onward and held there, leaving many existing holdings for you to reconcile.
Therefore, if you have a multi year Gemini history, check your Gain/Loss Statement for asterisked entries before filing. For that you can get registered on KoinX which can automate this reconciliation using your Gemini data, including cost basis for pre 2026 purchases and transfers in assets.
Frequently Asked Questions
How Do I Check What Gemini Has Reported To The IRS About Me?
To check what Gemini has reported to the IRS about you, download your Form 1099-DA and 1099-MISC, if applicable, from Settings > Statements & Taxes > Taxes. These forms reflect the information Gemini filed. You can also check your IRS Online Account transcript for information returns filed under your TIN.
Will I Get A Tax Notice If I Traded On Gemini But Didn't File?
If you traded on Gemini but did not file, you may receive a tax notice. The IRS Automated Underreporter system compares Gemini’s 1099-DA and 1099-MISC information with your tax return. If it identifies unreported disposals or income, it can trigger a CP2000 notice or an earlier compliance letter, such as Letter 6173 or 6174.
Does Gemini Withhold Tax On My Crypto Trades?
Gemini does not generally withhold tax on your crypto trades for tax year 2026. IRS Notice 2025-33 extends relief from the 24% backup withholding requirement through calendar year 2026. Backup withholding on digital asset sales is scheduled to begin January 1, 2027, generally when a valid TIN is not available.
What Happens If My Gemini 1099-DA Doesn't Include Cost Basis?
If your Gemini 1099-DA does not include cost basis, check whether the asset was purchased on Gemini before January 1, 2026 or transferred from another platform. Gemini may mark such positions as non covered with an asterisk. You remain responsible for determining, documenting, and reporting the correct cost basis yourself.
Does Gemini Report To The IRS If I Only Hold My Crypto?
If you only held your crypto, Gemini generally does not report that holding as a disposal on Form 1099-DA. Similarly, transfers between wallets you own are generally not taxable disposals. However, staking, referral, and promotional income can still be reportable on Form 1099 MISC once qualifying income reaches the applicable threshold: $2,000 for payments made in 2026 tax year.
Has Gemini Ever Been Served With An IRS John Doe Summons?
If you are asking whether Gemini has received an IRS John Doe summons, there is no known public record of one being served on Gemini. However, this does not exempt Gemini from valid legal requests. The exchange remains subject to applicable information reporting requirements and must comply with properly authorised requests for records.
