Table of contents in this doc
What are the income activities included in the Forms 1099-MISC?
What is a Form 1099-MISC?
Gemini issues a Form 1099-MISC for any non-exempt U.S. exchange account holder who has earned more than $600 (USD equivalent) in income on the exchange during the calendar year. If applicable, income is reported in Box 3 (Other income) on the Form. Form 1099-MISC are issued by January 31 each year unless an extension is requested.
Accounts that have been issued a Form 1099-MISC will receive a notification via email to retrieve the Form. You can download your Form 1099-MISC (or confirm you did not receive one) in the Tax Center.
Tax Forms can be viewed for each year. If you have not been issued a Form 1099-MISC in the year selected, you will see a message that notifies you that the account does not have a tax form. For tax forms issued in 2017 or 2018 please contact Customer Support. If Gemini has filed an extension request for issuing Forms 1099-MISC for the prior year, a notification will be posted prior to January 31.
What are the income activities included in the Forms 1099-MISC?
Refer a Friend, Sign Up, Trading Bonuses, and rewards on stablecoin balance
Bonuses/promotions/rewards will count toward the $600 threshold of income earned on the Gemini platform that will require Gemini to issue the Form 1099-MISC. (The $600 threshold will increase to $2,000 for 2026 transactions and forward.)
To determine your bonus income for the year:
- Go to Account > Balances > press the Download button > select Transaction History > Exchange Transaction History > press the Download button > set the appropriate date range
- Filter the report to find your bonuses. Your bonuses will show up under Type: Credit, Symbol: Depends on the your Reward asset selected, Specification: Administrative Credit or Referral Credit.
Staking
Reportable earnings from taking digital assets through the Gemini Staking program are calculated by identifying the daily asset allocation multiplied by the USD price of the asset at the time the asset becomes available for withdrawal to the staking participant.
The Tax Center will list your total income for the year, including the staking amount as per the calculation above.
Staking rewards are not considered “covered assets” meaning that when they are sold the cost basis of the assets will not be reported to the IRS. Form 1099-DA recipient statements will include basis for these assets calculated as the value of the asset at the time the asset becomes available for withdrawal to the staking participant (the same value that is reported on the Form 1099-MISC).
Please consult with a tax professional for any questions related to your individual tax situation.
Credit Card Rewards
In general, the IRS deems credit card rewards as “rebates” rather than “income.” Therefore, Gemini does not report assets that are acquired through the credit card rewards program as income on Form 1099-MISC. Credit card rewards are not considered “covered assets” meaning that when they are sold the cost basis of the assets will not be reported to the IRS. Form 1099-DA recipient statements will include basis for these assets calculated as the value of the asset when it was acquired in the customer’s account. Please consult with a tax professional to determine if this is the correct treatment for your individual tax situation prior to filing your U.S. tax return.