One of the most popular Solana wallets - Phantom wallet lets you send, receive and stake SOL, as well as trade NFTs on the Solana blockchain. You’ll need to pay tax on many of these transactions though! Fortunately, we’ve put together our Phantom tax guide to make things simple.
How to prepare Phantom taxes
Your Phantom transactions may be subject to Capital Gains Tax or Income Tax, depending on the specific transaction you’re making. This means to get started with your Phantom taxes, you need to get your Phantom transaction history. Here’s how.
How to download and export Phantom trading and transaction history
There are two ways to get your Phantom account's transaction history: through API or as a CSV file.
- Use a crypto tax calculator and connect via API using your Phantom public address. Your Phantom transaction history will be automatically returned via API, where your crypto tax calculator will calculate your Phantom taxes for you. See full instructions on how to integrate Phantom & Koinly.
- Export your Phantom transaction history as a CSV file. You can then upload this to a crypto tax calculator, or use it to calculate your crypto taxes yourself.
Does Phantom provide a tax report?
No, Phantom does not provide a tax report. However, they can provide you with your transaction history, which can be used as a means of calculating and reporting all taxes.
Does Phantom send a 1099 form to the IRS?
As a non-custodial wallet - Phantom doesn’t collect user data, so it’s unlikely you’ll be getting a 1099 form from Phantom, which means the IRS won’t either.
Does Phantom supply a financial statement?
No, Phantom does not provide a financial report. You can, however, create a financial statement using your Phantom wallet transaction history, or a crypto tax app.
Phantom CSV exports
Phantom wallet doesn’t provide CSV exports, however, there are many blockchain explorers that do. All you need to do is enter your Phantom wallet public address into a Solana blockchain explorer and find the export to CSV option.
Phantom tax API
You can connect directly to a crypto tax app using the Phantom API. Just enter your Phantom wallet public address into your chosen crypto tax software and the API will return your Phantom wallet transaction history and automatically calculate your crypto taxes. Done!
Does Phantom provide an end of year statement?
No, Phantom does not issue a year-end financial report. But you can use crypto tax software to generate an end of year report if you need one for tax purposes.
Does Phantom report to the IRS?
As a non-custodial wallet, it’s unlikely that Phantom reports to the IRS. They don’t collect KYC data, so they have nothing to share with the IRS.
This said, if you’re moving crypto between Phantom and centralized exchanges, many of these exchanges do share customer data with the IRS. This potentially includes your Phantom wallet address.
The best way to remain tax compliant is to report your Phantom taxes accurately.
Does Phantom report to other tax authorities?
Again, as a non-custodial wallet, it’s unlikely that Phantom themselves are reporting to tax offices like the ATO, the CRA and HMRC. However, if you’re using your Phantom wallet to interact with centralized exchanges, these exchanges may well share customer data with tax offices around the world - including your Phantom wallet address.
How to generate Phantom task forms
Phantom's tax forms can be generated in two different methods - DIY or use a crypto tax calculator.
Doing your crypto taxes yourself? You’ll need a CSV file of your Phantom transaction history. You’ll then need to identify your cost basis or the fair market value of any otherwise acquired crypto. From here, calculate your capital gains and losses, and the value of any crypto income (like from staking). You’ll then need to report all this in your tax office’s preferred format.
If you’re an active SOL investor - it’s a lot of work. So save hours and use crypto tax software instead. All you need to do is connect via API using your Phantom wallet public address. Your crypto tax calculator will automatically return your Phantom transaction data via API and calculate your Phantom taxes for you. You can then download a tax report, based on your location, ready to file with your tax office.
Koinly crypto tax calculator can help you get your Phantom taxes done in no time at all. You don’t need to worry about hours of spreadsheets and math, just add the wallets, exchanges or blockchains you use to Koinly and it will:
- Import your transaction history and identify your taxable transactions.
- Separate your transactions depending on which tax they’re subject to.
- Identify the cost basis or fair market value of all your crypto assets.
- Calculate your short and long-term capital gains and losses, as well as any crypto income.
- Generate your crypto tax report, based on your location, ready to download and file with your tax office.