Gate.io Taxes Guide
15 Sep, 2022 · 4 min read
You can do your Gate.io taxes by importing your trades into CoinTracking, determining your gains, and generating tax reports. But first, do you know which crypto operations are taxable for US customers using Gate.io?
Let’s explore how crypto trading, NFT sales, and earning crypto interest are taxed in the US, if Gate.io reports to the IRS, and how to report your Gate.io taxes.
Is trading crypto on Gate.io taxable?
Yes, if you trade cryptocurrencies on Gate.io, you’ll trigger a taxable event, subject to capital gains taxes.
You’ll have to do your Gate.io taxes if you trade cryptocurrency, whether it is in spot trading, margin trading, or futures.
Every time you sell a cryptocurrency for FIAT or another cryptocurrency, you’ll have a taxable event. You’ll need to determine the gain/loss on each trade and report your Gate.io taxes.
Do you pay taxes trading NFTs on Gate.io?
If you trade NFTs on the Gate.io NFT marketplace, you’ll have a taxable event in the US, subject to capital gains taxes.
If you buy and sell NFTs for FIAT or crypto, you’ll need to determine the gain/loss on each trade and report your NFT taxes from Gate.io.
If you’re a digital artist and you create NFTs and then sell them, you’ll be taxed at the ordinary income level.
Is earning crypto interest on Gate.io taxable?
If you earn crypto interest from Gate.io, you’ll have a taxable event, subject to income taxes.
Gaining crypto interest or staking rewards in the US leads to a taxable event. You’ll have to recognize the Fair Market Value (in USD) of the crypto interest you receive.
You’ll have to report that crypto interest in your income tax return. Learn more about taxes on crypto interest.
Is Gate.io regulated in the USA?
Since 30th April 2022, Gate.io no longer serves US customers, with Gate.io permanently closing accounts, while you should have removed your digital assets from the platform by 10th April 2022.
However, if you’re a US resident and have traded crypto during the first three/four months of 2022, you’ll still have crypto tax reporting obligations.
Does Gate.io report to IRS?
While Gate.io served US customers, it is possible that their info was reported to the IRS in some cases. Exchanges with KYC and serving US customers can communicate information with the tax authorities.
Does Gate.io report to HMRC?
As an exchange that requires KYC, Gate.io may communicate and report to tax authorities like the HMRC. If you accurately report your crypto taxes, it won’t cause any issue if you’re later audited.
Does Gate.io provide tax documents?
No, you need to use a crypto tax software to generate tax documents with all the necessary information to report your crypto taxes.
However, you can download your crypto trades from Gate.io, use a crypto tax tool like CoinTracking, and file your crypto taxes with one of our integrations (e.g., TurboTax).
How do I get tax information from Gate.io?
You can get the crypto trading information necessary to do your taxes by downloading it from Gate.io and importing it into a crypto tax software.
Let’s look at how to export your crypto trades from Gate.io and import them into CoinTracking.
How do I download Gate.io transactions?
Here’s how to download your Gate.io transactions into a CSV file:
- Navigate at Gate.io to Wallets -> My Billing Details
- Select start date and end date after Time: to include all your trades dates.
- Click on the “Download (down arrow)” button to the right of the Filter button.
You can then import that CSV with your Gate.io trades into CoinTracking. You can also track everything easily with our API importer.
How to track your Gate.io trades on CoinTracking?
You can import a CSV file with your Gate.io trades into CoinTracking or connect your API by doing the following steps:
- Log in to your Gate.io account and go to ‘APIv4 Keys‘
- Press “+ Create new API Key” on the top right corner
- Make sure you check only all ‘Read only’ permissions as shown on the screenshot: [Required Gate.io Permissions]
- Copy your API Key and API Secret
- Your trades will import automatically
Learn how to import your crypto trades into CoinTracking using an API:
How to report Gate.io taxes?
After importing your crypto transactions from Gate.io into CoinTracking, you’ll have all of your crypto gains/losses and can then generate Gate.io tax reports.
You can generate the Gate.io tax document with all the information you need to report your crypto.
If you traded crypto on NFTs on Gate.io, you would have to report your gains/losses on Form 8949 and Schedule D of your Form 1040.
If you earned crypto interest, you would have to report that on Schedule B of your income tax return.
Learn more about reporting your Gate.io taxes.
The best Gate.io tax software: CoinTracking
The best Gate.io tax software in the market is CoinTracking.
You can import your trades using CSV or API, track your gains/losses, and generate tax reports according to your preferred accounting method.
Beyond Gate.io, CoinTracking is your full crypto tax solution for:
- Importing (API & CSV) your trades from 110+ exchanges.
- DeFi and NFT support with our ETH+DEX importer.
- Importing your Binance Chain, Binance Smart Chain, and MATIC transactions.
- 25+ advanced reports, including which coins offer you a tax-free rate.
- Automatic capital Gains, according to 12 accounting methods (e.g., FIFO, LIFO, HMRC, ACB), accepted worldwide.
- Generating complete Tax Reports in your country.
Moreover, CoinTracking can easily classify all your earnings from yield farming, liquidity pools, crypto staking, and much more.
Gate.io taxes with no errors: CoinTracking Full Service in the US.
CoinTracking also offers a Full Service for US traders. A crypto reconciliation tax expert from Polygon Advisory Group, a leading US crypto tax firm, will review your CoinTracking account, help fix any errors, and ensure you submit your crypto tax reports error-free.
This post is part of the Crypto Taxes AMA series. Follow our weekly AMAs on Twitter where our expert CPA, Sharon Yip answers your crypto tax questions. You can download 35+ AMA crypto tax reports for free.
Disclaimer: All the information provided above is for informational purposes only and should not be considered as professional investment, legal, or tax advice. You should conduct your own research or consult with a professional financial advisor when investing.