Your Gemini 1099 is a Form 1099-DA for crypto sales, a Form 1099-MISC for rewards, or both.
Gemini sends a copy of each 1099 to the IRS. For 2025, the IRS copy of the 1099-DA has your proceeds from each sale and no cost basis. Staking rewards are income as soon as you can sell or move them, even if you keep them. Gemini values them when they become available for withdrawal.
Updated · Sources
Gemini crypto tax forms
- Jan. 31
- is the date Gemini’s help page gives for the 1099-MISC, unless Gemini takes an extension.
- Feb. 15
- is the date Gemini gave for its 2025 Forms 1099-DA. The IRS deadline for those forms was Feb. 17, 2026.
- Rebates
- is how Gemini treats its credit card rewards, so they never appear on your 1099-MISC.
Gemini tax forms follow your activity and your account type.
Gemini sends no form for crypto you only buy and hold there. Moving coins between Gemini and a wallet you own is not a sale. A network fee you pay in crypto for the move is, though.
You sold or converted crypto on Gemini
Form 1099-DA lists each sale and other disposal of crypto on the exchange. A swap of one coin for another is a sale for tax purposes.
Your rewards passed the 1099-MISC threshold
Gemini reports staking income, refer-a-friend, sign-up and trading bonuses, and stablecoin rewards on Form 1099-MISC, in box 3. Staking rewards themselves do not appear on the 1099-DA, though a later sale of those coins on Gemini does. The form came once rewards passed $600 for 2025, and the law raises that line to $2,000 for 2026 payments.
The account belongs to a C corporation
Gemini says a C corporation, or another taxable entity not eligible for a 1099-DA, gets a tax Gain/Loss Statement instead. Gemini posts it in its Tax Center. The corporation still reports each sale on its own return.
You earned rewards on the Gemini credit card
Gemini leaves card rewards off the 1099-MISC. When you sell crypto you earned as a card reward on Gemini, that sale goes on your 1099-DA like any other.
A loss on a Gemini sale counts only if you report what you paid.
The first sale alone
$2,700
Before the second sale, the $18,000 gain is the only one to tax.
Second sale with no basis
$3,450
With no basis on your return, the second sale’s $5,000 of proceeds is taxed as though it were all gain. That adds $750.
Second sale with its basis
$2,100
With its $9,000 basis on your return, the second sale is a $4,000 loss. The loss offsets part of the gain and saves $600.
The tax is 15% of the net long-term gain. On top of $90,000 of other taxable income, that is the 2026 rate a single filer pays on every dollar of it. Both coins were held more than a year, so the loss is long-term too. State tax would be extra.
Your Gemini taxes follow one rule for a sale and another for a reward.
| A sale | A reward | |
|---|---|---|
| Taxed as | Capital gain or loss | Ordinary income |
| Amount taxed | Proceeds minus basis | Value when received |
| Federal rate in 2026 | 0%, 15% or 20% Held over a year. Otherwise 10% to 37%. The 3.8% net investment income tax may apply at higher incomes. | 10% to 37% Your ordinary income rate |
| Tax year | The year you sell | The year you receive it |
| On your return | Form 8949 and Schedule D Box H or K for a 2025 sale, since Gemini reported no basis | Schedule 1 of Form 1040 Line 8v, or Schedule C if it is a business |
Which mistakes do people make with their Gemini forms?
Crypto you transferred in
Coins you send to Gemini from another wallet or exchange are noncovered. Under current rules, Gemini does not have to report their basis, even from 2026. Your return still needs what you paid, so keep your purchase records.
No Form W-9 on file
Give Gemini a Form W-9 (or a W-8), so no tax is held back from you. Gemini says that without one, it holds back 24% as backup withholding. IRS relief lifts that requirement only for crypto sales in 2025 and 2026, not for rewards. From 2027, brokers generally must withhold on sales by customers without a certified taxpayer ID.
Gemini’s first in, first out default
Gemini treats your oldest coins as sold first unless you pick another method. That first in, first out order is also the tax rule when you do not identify which lots (purchases) you sold. To use a different order, set the method with Gemini before the sale, which counts as identifying the lots. Through 2026, a record in your own books by the time of sale also counts.
Filing with only the 1099-MISC in hand
Gemini’s 1099-DA comes after its 1099-MISC, so a return filed with only the first can leave out your sales. If the 1099-DA is late, report the sales from your transaction history, or extend with Form 4868. The extension moves the filing date, not the payment date.
Our Gemini tax service is run by the CPAs who sign your return.
Valim, a US CPA firm, prepares and files returns for Gemini exchange customers, starting from their 1099-DA, 1099-MISC and transaction history.
- We match every sale on your Gemini 1099-DA to its purchase, on Gemini or wherever you first bought the coins.
- We report your Gemini staking income, bonuses and stablecoin rewards on your return, whether or not a 1099-MISC listed them.
- We compare Gemini’s first in, first out default with picking your own lots before a large sale.
- We work out estimated payments for Gemini income that has no tax withheld.
- Within the fee, we answer any IRS or state notice on a return we prepared, even one that questions a Gemini form.
- Individual return
- from $195
- Business return
- from $495
We quote a flat fee before work starts. We do not bill hourly.
Gemini tax questions.
Does Gemini send a 1099?
Yes, the Gemini exchange sends Form 1099-DA to US customers who sold, converted or otherwise disposed of crypto there, starting with 2025. For 2025, rewards such as staking income and referral bonuses brought a Form 1099-MISC once they passed $600. Copies of both forms go to the IRS. Gemini says a C corporation gets a Gain/Loss Statement instead of a 1099-DA. Coins you trade on another exchange, such as Crypto.com, appear on that exchange’s own forms.
Where are my Gemini tax documents?
Gemini keeps your tax documents in its Tax Center: open Account, then Statements and Taxes, then Taxes. Some versions of Gemini put this menu under Settings instead of Account. For the purchase side of each sale, download your Exchange Transaction History from the Statements and Taxes menu. Your Staking Transaction History downloads from the same menu. For coins you moved to Gemini from Coinbase, the purchase record is in your Coinbase account.
How does Gemini value staking rewards?
Gemini values each staking reward when it becomes available for you to withdraw. Under IRS rules, a staking reward is income at its value when you gain the ability to sell or move it. That income value is generally your cost basis in the coins when you later sell them. Gemini totals the year’s rewards on Form 1099-MISC, and your Staking Transaction History shows each reward.
Sources
- Gemini Support, What is a form 1099-DA and a tax Gain/Loss Statement
- Gemini Support, What is a Form 1099-MISC
- Gemini Support, Tax reporting update for 2025
- Gemini Support, Where do I find my tax information?
- IRS, Instructions for Form 1099-DA (2025)
- IRS, Understanding your Form 1099-DA
- IRS, Instructions for Forms 1099-MISC and 1099-NEC (2025)
- IRS, Instructions for Forms 1099-MISC and 1099-NEC (Rev. December 2026)
- IRS, Digital assets
- IRS, Instructions for Form 1040 (2025)
- 26 C.F.R. § 1.6045-1, Returns of information of brokers
- IRS, Instructions for Form 8949 (2025)
- IRS, Rev. Rul. 2023-14 (staking rewards)
- IRS, Frequently asked questions on virtual currency transactions
- IRS, About Form 4868
- 26 C.F.R. § 1.1012-1, Basis of property
- IRS, Notice 2025-33 (digital asset backup withholding relief)
- IRS, Notice 2026-20 (identifying broker-held digital assets)
- 26 U.S.C. § 1411, Net investment income tax
- IRS, Rev. Proc. 2025-32 (2026 inflation adjustments)
Reviewed and updated September 2026. General information, not advice for your situation.