How To Calculate Your Gemini Taxes With Kryptoskatt

Gemini is one of the most popular exchanges in the world for crypto trading. If you are using Gemini, follow these steps to easily connect it with Kryptoskatt – auto-sync all your transactions, analyze your portfolio and calculate your crypto taxes in minutes.

1. To get started – Sign up on Kryptoskatt here and choose your country and currency.
2. Once done, link your Gemini account to Kryptoskatt. To do this, you can use any of the following three methods: 
3. API. Add API Keys to Kryptoskatt and import everything at once.
4. CSV. If you do not have API keys, don't worry! We also support CSV files to import all your transactions.
5. Manually. Import transactions manually using our custom CSV upload feature.
6. View and analyze all your transactions in a single dashboard and manage your portfolio
7. Kryptoskatt automatically categorizes all your Gemini transactions into gains/losses or income.
8. Now you can sit back and relax while we calculate your Capital Gains Tax and Income Tax from Gemini
9. Generate the Gemini tax report for free and download it once everything looks good
10. File your Gemini taxes online or leverage our crypto tax accountant network to help you out

How To Connect Gemini With Kryptoskatt Using API

On Gemini :

1. Log in to your Gemini account on the Gemini website.
2. On the top right corner of the page, click on Account and select Settings from the drop-down menu.
3. Locate "API" on the left menu.
4. Click on the "Create API key" button.
5. Put your 2FA is enabled.
6. Enter a name for your API key in the "Key Name" field (e.g. "Read-only API Key").
7. Under "API Permissions", make sure to select "View" only. This will ensure that the API key can only be used to view account information and cannot be used to make trades or withdrawals.
8. Click on "Create API Key" button.
9. You will be asked to enter your 2-Factor Authentication (2FA) code.
10. Once you have entered the code, you will be provided with your API key and API secret.
11. Make sure to copy these down and store them in a secure location.

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On Kryptoskatt :

1. Go to kryptoskatt.com & signup using your Google account.
2. From the menu, click on Add Wallets/Exchanges. Go to the Wallets/Exchanges page.
3. Search for Gemini or select it from the list below.
4. Now, click on the Gemini icon.
5. Choose Import using API Keys.
6. Paste your API Key & API Secret.
7. Click on Import Your Transactions. All transactions are directly imported and tagged by default.
8. If you wish to import custom history, select Advanced Options. Now you can specify the start and end date of your transaction history.

How To Connect Gemini With Kryptoskatt Using CSV

On Gemini :

1. Log in to your Gemini account on the Gemini website.
2. Click on Account from the top menu.
3. From the dropdown, click on Settings.
   
4. From the menu on the left, click on Statements & History.
5. Select Transaction History.
6. Click on the Download Icon next to Exchange Transaction History.
7. The CSV file will be downloaded to your downloads folder by default.

On Kryptoskatt :

1. Go to kryptoskatt.com & signup using your Google account.
2. From the menu, click on Add Wallets/Exchanges. Go to the Wallets/Exchanges page.
3. Search for Gemini or select it from the list below.
4. Now, click on the Gemini icon.
5. Choose Upload CSV
6. Click on Import Your Transactions. All transactions are imported and tagged by default.
7. If you wish to import custom history, select Advanced Options. Now you can specify the start and end date of your transaction history.

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How are Gemini transactions taxed?

The crypto tax laws may vary depending on the country you reside in and other factors such as your filing status, income bracket, and marital status. But, in general, there are mainly two types of taxes applicable to Gemini transactions.

• Income Tax- If you are earning rewards (e.g. through lending or staking) or maybe receiving, you may need to pay income tax.
• Capital Gains Tax- If you profit from the disposal of your crypto assets (e.g. by selling your tokens, Bitcoin,  Ethereum, etc.), you incur capital gains tax. 

Important things to keep in mind while integrating Gemini

1. When importing a CSV file, match your Gemini account Time Zone in the Kryptoskatt import form.
2. While creating a new key, make the API key read-only.
3. Keep your API Key and API Secret somewhere safe, preferably offline. 

Facing Issues While Connecting Gemini To Kryptoskatt?

Go to Resources and head over to the Help Centre page from the dropdown menu. Or send us your queries via the Support Desk. If there’s a critical or urgent issue that needs to be resolved, you can use our live chat option on the right side of the screen or email us at support@kryptoskatt.com.