Does Trust Wallet Report to the IRS?

governments

Trust Wallet

Our Editorial Standards:

Our content is designed to educate the 500,000+ crypto investors who use the CoinLedger platform. Though our articles are for informational purposes only, they are written in accordance with the latest guidelines from tax agencies around the world and reviewed by certified tax professionals before publication. Learn More

Cryptocurrency exchanges around the world are starting to report more and more information to government agencies. In this guide, we analyze Trust Wallet’s tax reporting policies within United States. We’ll also break down a simple way to report your Trust Wallet taxes in minutes.

Does Trust Wallet report to the Internal Revenue Service (IRS)?

At this time, software wallets like Trust Wallet do not report to the IRS.

Can the IRS track my Trust Wallet?

It's important to remember that transactions on public blockchains like Ethereum are publicly visible and permanent. The IRS works with contractors like Chainalysis to match ‘anonymous wallets’ to known investors.

Do I have to pay taxes on my Trust Wallet transactions?

Yes. In the United States, your transactions on Trust Wallet and other platforms are subject to income and capital gains tax.

If you’ve earned or disposed of crypto (ex. Sold or traded away cryptocurrency) during the year, you’ll have a tax liability to report to the IRS.

For more information, check out our complete guide to cryptocurrency taxes.

Is Trust Wallet legal?

Software wallets like Trust Wallet are legal in the United States.

How do I avoid Trust Wallet taxes?

Remember, there is no way to legally evade your taxes in the United States. However, there are tools like tax-loss harvesting and cryptocurrency tax software that can help you save thousands of dollars legally.

For more information, check out our guide on how to avoid crypto taxes.

Get a Trust Wallet tax report today

Looking for a simple way to report your Trust Wallet taxes? With CoinLedger, you can import your Trust Wallet transactions and auto-generate a complete gains, losses, and income tax report in minutes.

CoinLedger integrates with Trust Wallet and dozens of other wallets, blockchains, and cryptocurrency exchanges to automate the entire crypto tax reporting process.

You can get started with a free preview report today.

Crypto Tax Overview

How is cryptocurrency taxed in

the

United States