Gemini does not provide tax advice. The information below is provided for general purposes only and should not be considered tax advice. This article is based on US Internal Revenue Service (“IRS”) guidance received to date, which may continue to evolve and change.  Please consult a tax advisor to determine your personal tax obligations that result from your activities on Gemini, including dispositions, earnings, and rewards.

Gemini’s Tax Center is designed to assist our users in determining year-end calculations for filing a US tax return.  Under US tax regulations, traditional financial institutions are required to issue Form 1099 reporting for dispositions of securities. These forms provide helpful information regarding gains and losses occurring from the sales of traditional securities for tax filing purposes.  The 2021 Infrastructure and Investment Jobs Act contains an expansion to these requirements to include crypto exchanges and digital assets. Draft regulations were issued in September 2023 with an effective date for reporting dispositions of digital assets occurring on or after January 1, 2025. Realizing our clients’ need for clarity in determining gain and loss information for tax filing purposes before the 2025 effective date, Gemini has launched the Tax Center to provide this support for our users, but users should consult a tax advisor to determine their personal tax obligations.