Table of contents in this doc

Prior Year Tax Reporting (pre 2023)

Gemini Earn (2021-2022)

Earnings from lending crypto assets through the Gemini Earn program were calculated by identifying the daily asset allocation multiplied by the current price of the asset at the time of allocation. Forms 1099-MISC were issued according to this calculation (reflecting the USD equivalent) in tax years 2021 and 2022 regardless of whether assets were redeemed from Earn.

To determine your Earn income for each year:

1. Go to Account> Balances> press the Download button > select Transaction History> Staking Transaction History> set the appropriate date range > download the report. If you have an unfulfilled redemption request at an earlier date, you can calculate earnings on that asset up to the date the redemption request was submitted.
2. If you have participated in both Staking and Earn programs and would like to show Earn only, you will need to filter column E of this report (“Borrower”) to reflect “Genesis” and filter out “Staking” transactions.
3. Filter the report by Column C (Type): Interest Credit. There will be a column for each crypto asset lent that reflects the income in U.S. dollars titled “Amount USD”. The sum of the daily “Amount USD” credits for the calendar year, for each asset lent, will be the amount presented on the Form 1099-MISC (if it exceeds the $600 threshold). Please make sure to include the “Amount USD” for each asset lent to identify your total Earn income amount. Please note that if the Earn income amount does not meet the $600 threshold, but your Gemini account reflects staking, bonuses, or rewards that when added to the Earn income amount do meet the threshold, a Form 1099-MISC will be issued.

Staking (2022)

In 2022, earnings from Staking MATIC through the Gemini Staking program were calculated by identifying the daily asset allocation multiplied by the price of the asset at the time the asset became available to the staking participant, and reported on Form 1099-MISC as such.

Since ETH earned through Staking was not accessible by the Staking participant and could not be unbonded until the Shanghai upgrade in April of 2023, 2022 Form 1099-MISC reporting did not include accrued ETH Staking rewards that appeared in account statements. Those assets are reportable to the participant as income once the asset becomes available to redeem from the Staking program (April 2023), on 2023 Forms 1099-MISC.

New Money Monday Winnings 2022

If you were a New Money Monday winner, your Form 1099-MISC will include the value of your prize. If your prize was a digital asset (“$500 in ETH”) you will find the crypto asset as a deposit in your transaction statement. If you won an NFT, the value of your prize was calculated as the current value of the NFT at the date it was delivered to your Nifty Gateway account.

Forms 1099-B

Recent federal legislation indicates that dispositions of digital assets will be required to be reported on Forms 1099-DA, a Form 1099-B equivalent for digital assets, after final regulations are released. Draft regulations released in September 2023 provide Form 1099-DA reporting requirements for 2025. Final regulations are expected to be released in 2024 and may or may not revise that date. For 2023, Gemini will not issue Forms 1099-B for dispositions of digital assets.

Forms 1099-K

From 2017 through 2020 Gemini reported proceeds from dispositions of digital assets on Forms 1099-K. This was the industry standard at the time. Upon further evaluation of the requirements of Internal Revenue Code Section 6050W, Gemini does not currently issue Forms 1099-K for dispositions. Based on recently passed legislation, Gemini plans to issue Forms 1099 for crypto asset dispositions as required once the draft crypto tax reporting regulations are finalized and in effect.