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Trust Wallet

How to Do Your Trust Wallet Taxes

How To Do Your Trust Wallet Taxes

CoinLedger imports Trust Wallet data for easy tax reporting. Create the appropriate tax forms to submit to your tax authority.

Trust Wallet Tax Reporting

You can generate your gains, losses, and income tax reports from your Trust Wallet investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below.

Trust Wallet exports a complete Transaction History file to all users. Simply navigate to your Trust Wallet account and download your transaction history from the platform.
Import your transaction history directly into CoinLedger. Import the file as is. No manual work is required!
CoinLedger automatically generates your gains, losses, and income tax reports based on this data.

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.

Trust Wallet Tax Reporting

You can generate your gains, losses, and income tax reports from your Trust Wallet investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below.

Trust Wallet supports importing data via read-only API. This allows automatic import capability so no manual work is required.
Connect CoinLedger to your Trust Wallet account with the read-only API.
Let CoinLedger import your data and automatically generate your gains, losses, and income tax reports.

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.

Trust Wallet Tax Reporting

You can generate your gains, losses, and income tax reports from your Trust Wallet investing activity by connecting your account with CoinLedger. There are a couple different ways to connect your account and import your data:

Automatically sync your Trust Wallet account with CoinLedger via read-only API. This allows your transactions to be imported with the click of a button.
Upload your Trust Wallet Transaction History CSV file to CoinLedger. You can download your Transaction History CSV directly from Trust Wallet and import it into CoinLedger

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.

Trust Wallet Tax Reporting

You can generate your gains, losses, and income tax reports from your Trust Wallet investing activity by connecting your account with CoinLedger. There are a couple different ways to connect your account and import your data:

Automatically sync your Trust Wallet account with CoinLedger by entering your public wallet address. This allows your transactions to be read in directly from the blockchain.
Upload a Trust Wallet Transaction History CSV file to CoinLedger

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.

Trust Wallet Tax Reporting

You can generate your gains, losses, and income tax reports from your Trust Wallet investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below:

Navigate to your Trust Wallet account and find the option for downloading your complete transaction history.
Import your transaction history directly into CoinLedger by mapping the data into the preferred CSV file format.
CoinLedger automatically generates your gains, losses, and income tax reports based on this data.

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.

How Cryptocurrency Taxes Work

Cryptocurrencies like bitcoin are treated as property by many governments around the world—including the U.S. Other forms of property that you may be familiar with include stocks, bonds, and real-estate.

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.

For a complete and in-depth overview, please refer to our Complete Guide to Cryptocurrency Taxes.

How To Do Your Crypto Taxes

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.).

Once you have your calculations, you can fill out the necessary tax forms required by your country. If you are in the United States, you can learn which forms you need to fill out with our blog post: How to Report Cryptocurrency On Your Taxes.

Why Can't Trust Wallet Generate My Tax Forms?

Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of Trust Wallet. Perhaps you also trade on Coinbase or earn interest from BlockFi. The trouble with Trust Wallet's reporting is that it only extends as far as the Trust Wallet platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of Trust Wallet, Trust Wallet can't provide complete gains, losses, and income tax information.

How Does Cryptocurrency Tax Software Help?

By integrating with all of your cryptocurrency platforms and consolidating your crypto data, CoinLedger’s cryptocurrency tax software and crypto portfolio tracker are able to track your profits, losses, income, and generate accurate tax reports in a matter of minutes.

You can test out the software and generate a preview of your gains and losses completely for free by creating an account.

Learn more about how CoinLedger works here.

Trying to report your Trust Wallet transactions on your taxes?

We know that crypto tax reporting can get difficult. Our tax team put together this guide to help you better understand the tax implications of using your Trust Wallet. We’ll cover the basics of cryptocurrency taxation and break down a simple step-by-step process to reporting your Trust Wallet transactions on your taxes.

What is Trust Wallet?

Trust Wallet is a mobile software wallet that allows users to send, trade, receive, and hold crypto-assets. Users even have the option to buy cryptocurrency directly using their credit cards.

Currently, Trust Wallet serves more than 10 million users across the world and supports more than 50 blockchains including Ethereum and the Binance Smartchain.

Do I pay taxes on my Trust Wallet transactions?

Cryptocurrency used or traded on Trust Wallet or any other platform is taxed as property by the IRS and is subject to capital gains and ordinary income tax.

Capital gains tax: You incur capital gains or losses every time you dispose of your cryptocurrency. This includes trading your cryptocurrency for other cryptocurrencies or selling it for fiat.

Ordinary income tax: If you earn cryptocurrency, you will recognize ordinary income. Receiving airdrop or staking rewards on your Trust Wallet account falls into this category.

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

Do crypto wallets report to the IRS?

At this time, crypto wallets like Trust Wallet don’t provide tax reporting information to customers and the IRS. However, it’s possible that this will change in the near future.

The 2021 American infrastructure bill requires brokers that facilitate cryptocurrency transactions to send 1099-B forms to users and the IRS. At this time, it’s not clear whether wallets like Trust Wallet will be considered brokers.

Can the IRS see my Trust Wallet transactions?

It’s important to remember that all transactions on blockchains like Ethereum can be seen by the public. In the past, the IRS has partnered with contractors like Chainalysis to analyze the blockchain, match ‘anonymous’ wallets to known individuals, and crack down on tax evasion.

How do I get a tax form from Trust Wallet?

Unfortunately, it’s difficult for Trust Wallet and other wallet providers to issue tax forms to customers.

To accurately calculate your taxes, you’ll need a complete record of your cryptocurrency transaction history. However, Trust Wallet only has access to transactions that you conducted with your Trust Wallet address.

Because most crypto investors use multiple exchanges and multiple wallets, it’s very difficult for any one provider to generate a comprehensive record of your gains and losses.

Luckily, there is an easier way. Crypto tax software like CoinLedger can aggregate your transactions from different wallets and exchanges and help you generate a complete tax report in minutes.

A 5-step process to reporting your Trust Wallet taxes

Here’s a simple 5-step process to reporting your Trust Wallet taxes.

Log in to the Trust Wallet app.
On the homepage, click Receive, then Ethereum.
At this point, you’ll see a QR code with your wallet address. Hit the ‘Copy’ button.

Trust Wallet

Within CoinLedger, select Ethereum from the list of supported sources.
Paste your wallet address into the wallet address form.

And that’s it! CoinLedger will automatically pull in your Trust Wallet transactions. Once you’ve imported your trades from your other wallets and exchanges, you’ll be able to generate a complete tax report with the click of a button.

File your Trust Wallet taxes today

Don’t wait until the tax deadline to file your crypto taxes. Import your Trust Wallet transactions into CoinLedger today and simplify the tax reporting process.

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Sign up for free and generate a free preview report today.

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