The Easiest Way to Report Gate.io Taxes in 2022
With over 10 million active users, Gate.io is one of the top cryptocurrency exchanges in the world of cryptocurrency right now. If you’re reading this article on how to report your Gate.io taxes, you probably use it too.
Does Gate.io report to the IRS? Does it provide tax forms? What is the easiest way to do your Gate.io taxes? We’ll talk about all this and more in this article.
What is Gate.io?
Gate.io, formerly known as Bter.com, was founded by Lin Han in 2013. It was one of the earliest crypto exchanges to enter the market, offering a wide range of altcoins.
Currently, the platform allows you to trade more than 200 cryptocurrencies over 350 different markets, including spot trading and margin trading.
Does Gate.io Report to the IRS?
Similar to the trust wallet taxes situation, we don’t officially know if Gate.io reports to the IRS. However, you’re required to submit your KYC details when creating your crypto trading account on the platform. This implies that it does comply with the regulatory guidelines of the government.
So, it shouldn’t come off as a surprise if tomorrow we find out that Gate.io also reports to the IRS, especially when the big players like Coinbase do it as well. Nonetheless, you should pay your taxes accurately and honestly regardless of whether Gate.io reports to the IRS or not.
Does Gate.io Provide Tax Forms?
No, Gate.io doesn’t provide any tax forms or an end-of-the-year statement. You have to manually do all of it or use a crypto tax software like Bitcoin.Tax.
Reporting Gate.io Taxes
There are two ways to report Gate.io taxes –
DIY Method – This method basically means doing everything on your own – from collecting all the transaction history to calculating your gains and losses, taxes and filing your tax report.
As you can imagine, it can get quite hectic. You’ll probably drive yourself crazy trying to do all of it by yourself. Not just that, but your chances of making errors and mistakes while filing your taxes also increase.
Instead, a better way to report taxes for your Gate.io account is to connect it with Bitcoin.Tax with API, which is the second method.
Bitcoin.Tax Method – In this method, all you have to do is connect your Gate.io taxes with Bitcoin.Tax, and you’re done. After that, you can relax and let the software do all the hard work.
Bitcoin.Tax will collect all your transaction history, calculate your capital gains and taxes with your preferred accounting method and create your tax report. It offers much more than that.