Additionally, such information may be shared with certain third parties affiliated with this matter in furtherance of the bankruptcy case and process. With cryptocurrency tax software like CoinLedger, you can generate a comprehensive crypto tax report in minutes. File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct. Those sales should be able to be recognized as capital losses on my taxes, but I can’t figure out how much I lost without getting the transaction history.
You can generate your gains, losses, and income tax reports from your FTX investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below. Typically, cryptocurrency exchanges have trouble reporting taxable income to their users. Because investors often transfer their coins across different wallets, it’s difficult to find information on cost basis — which is needed to calculate capital gains and losses.
How to do your FTX taxes in 2022
FTX does collect KYC (Know Your Customer) information when you sign up for an account. According to the exchange’s privacy policy, FTX will share your information when compelled to do so by law enforcement. For more information, you can explore our guides to how cryptocurrency is taxed in various countries. When you dispose of crypto, you’ll recognize a taxable gain or loss depending on how the price of your coins have changed since you originally received them. In November 2022, FTX filed for bankruptcy after rumors of financial difficulties and liquidity issues.
If you don’t want to link your FTX account with Accointing using the API, you can also do so by importing a CSV file containing your history of trades, withdrawals, and deposits. When you earn crypto, you’ll recognize income based on the fair market value of your cryptocurrency at time of receipt. Please note that we import daily Profits and Losses for futures or options contracts. We have built custom logic to be able to handle these types of transactions. If submitted electronically using the Online Claim and/or Proof of Interest Filing Portal, additional hard-copy submission is not necessary. Please note that submission of claim forms and/or proof of interest forms via email and/or facsimile is not permitted.
FTX’s bankruptcy in 2022 caused shockwaves throughout the crypto ecosystem and left customers wondering whether they would be able to recover their holdings. Click on Upload File and drag each of your CSV files into the box to import your transactions. As a result, the burden for keeping records of crypto transactions falls on the investor.
FTX does not provide a way for us to calculate futures or options properly via their CSV. It is also necessary that you remove any transactions parsed which do not relate to crypto if you purchased stocks or contracts using USD (not crypto). Please file proof(s) of claim and/or interest via US Mail or other hand delivery system. Submission of claim and/or interest forms via email and/or facsimile transmission is not permitted. You must file an originally executed proof of claim and/or proof of interest.
FTX claims: verifying loss amounts ahead of claims filing on 6 February 2023
Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of FTX. Perhaps you also trade on Coinbase or earn interest from BlockFi. The trouble with FTX’s reporting is that it only extends as far as the FTX platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of FTX, FTX can’t provide complete gains, losses, and income tax information.
- If submitted electronically using the Online Claim and/or Proof of Interest Filing Portal, additional hard-copy submission is not necessary.
- The trouble with FTX’s reporting is that it only extends as far as the FTX platform.
- However, you can use Accointing’s FTX calculator and FTX portfolio tracker to analyze your transaction history, calculate your FTX taxes and generate a tax report in the format specific to your country’s requirements.
- When you access the FTX website, you are redirected to their page.
By integrating with all of your cryptocurrency platforms and consolidating your crypto data, CoinLedger is able to track your profits, losses, and income and generate accurate tax reports in a matter of minutes. Just like these other forms of property, cryptocurrencies are subject to capital gains and losses rules, and you need to report your gains, losses, and income generated from your crypto investments on your taxes. Both methods will enable you to import your transaction history and generate your necessary crypto tax forms in minutes. File these forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct. If you’re looking for an FTX tax report, you’re in the right place.
Common issues with importing transactions from FTX
FTX is a globally renowned cryptocurrency derivative exchange that supports commonly traded cryptocurrencies. FTX has a one-of-a-kind platform and a utility token, FTT, allowing cryptocurrency traders to invest in Bitcoin and other altcoin derivatives and forex trading. In most countries, you’ll pay taxes on crypto when you earn or dispose of crypto. If you lose access to your FTX holdings permanently, you may be able to write off the value of your lost crypto-assets as an ‘investment loss’. However, you will relinquish the right to re-claim your holdings in the future.
It’s recommended that you contract Kroll as soon as possible if you were affected but do not have any proof of loss documentation. Members who did not previously download their account statements or take screenshots of their account balance can contact Kroll Restructuring Administration LLC through their Contact Us page. When you access the FTX website, you are redirected to their page. For more information, check out our guide to writing off your FTX losses. FTX is a cryptocurrency exchange founded by Sam Bankman-Fried and Gary Wang in 2019. In 2022, it was estimated that the exchange had more than $10 billion in daily trade volume.
Can I report my FTX losses on my tax return?
Generally, it’s recommended that you keep track of the following information for at least 5 years. After FTX International and FTX US halted withdrawals in November 2022, the respective websites were taken offline within one week due to security issues. Unfortunately, this also meant that those with custodial accounts could not download their account statements or transaction history.
Losses can be used to offset capital gains from cryptocurrency and other assets. In this guide, we’ll break down everything you need to know about how FTX transactions are taxed. We’ll also share a simple tip that can help you file your crypto taxes in minutes.
FTX.US is now just a bankruptcy announcement and the mobile app won’t load for me. If you’ve earned income or made gains from cryptocurrency on FTX during the tax year, you’re required to report this on your tax return — even if you no longer have access to your holdings. You can import transactions from FTX into Divly by downloading and importing a CSV file. Make sure to download the CSV file every time you want to include the latest transactions. Trying to manually track your cryptocurrency transactions for tax purposes can be difficult. However, if you permanently lose access to your cryptocurrency, you may be able to write off its value as an investment loss (more on this in the next section).
How to Do Your FTX Taxes
If you would like a copy of your proof of claim and/or proof of interest returned to you as proof of receipt, please enclose an additional copy and a self-addressed postage-paid envelope. There’s no need to spend hours of time and effort to report your crypto taxes. However, you can experience a challenge where transactions are incorrectly listed as deposits or withdrawals. Always open the CSV file and go through it to ensure all the data is accurately referenced.
You can test out the software and generate a preview of your gains and losses completely for free by creating an account. To do your cryptocurrency taxes, you need to calculate your gains, losses, and income from your cryptocurrency investments in your home fiat currency (e.g. US Dollar, Australian Dollar, etc.). You can import transactions from FTX into Divly by using our API integration. After you have provided the API keys, Divly will be able to fetch your latest transactions anytime you click “Import Transactions” in the wallet page. It’s important to keep a careful record of your cryptocurrency transactions.
