How to do your MetaMask taxes with Koinly
Whatever your crypto investments, Koinly can help you do your MetaMask taxes safely, quickly, and accurately.
Follow these steps to sync your MetaMask (ETH) data automatically to Koinly:
- Select the MetaMask extension icon in the top right corner of your browser.
- From the drop down tab at the top, select the blockchain name, for example, Ethereum Mainnet.
- Under the account name, copy the public address.
The steps above will sync all of your Ethereum transactions. If you’re also using your MetaMask wallet to interact with other blockchains, you’ll need to create separate wallets for these in Koinly.
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find MetaMask (ETH) in the list
- Select API > Paste the public address/key you copied above in the appropriate box
- Hit Import and wait for Koinly to sync your data. This can take a few minutes
- Review your transactions on the Transactions page to ensure everything is tagged correctly and no missing data
- Go to the Tax Reports page to view your tax liability!
How to file your MetaMask taxes with Koinly
It's easy to do your MetaMask taxes if you sign up to Koinly, all you need is your public address. Once you've added this to Koinly, it'll import your transaction history automatically, identify your taxable transactions, and calculate your gains, losses, and income. Once it's done, Koinly generates your crypto tax report, ready to file.
Do I need to pay tax on my MetaMask transactions?
Yes. Your MetaMask transactions may be taxable. If you have capital gains or income from your MetaMask transactions, you'll likely need to pay tax on them. Crypto tax varies depending on where you live (so read our crypto tax guides for more info where you live), but generally, crypto is subject to Capital Gains Tax or Income Tax depending on the transaction:
Capital Gains Tax: If you sell, swap, or spend crypto using MetaMask and make a gain as a result, this is usually subject to Capital Gains Tax. This includes all kinds of crypto assets like stablecoins, tokens, and NFTs.
Income Tax: If you earn new coins or tokens - for example, through airdrops or staking rewards - this is usually viewed as additional income and subject to Income Tax upon receipt.
How are MetaMask gas fees taxed?
A great question - but not one with a clear-cut answer! Most tax offices haven’t given specific guidance on gas fees or network fees, but many of them have given guidance on transaction fees in general and it'll all depend on the transaction. If your transaction is related to acquiring or disposing of a crypto asset, your gas fees for the transaction may be an allowable cost. In other words, you could add them to your cost basis and reduce your capital gain in a disposal event. However, for gas fees that are unrelated to acquiring or disposing of a crypto asset - like transferring crypto from or to your MetaMask wallet - many tax offices have released guidance saying these are not allowable as part of your cost basis calculations. Find out more about gas fees and taxes.
Does MetaMask report to the IRS?
It's unlikely MetaMask report to the IRS. MetaMask is a non-custodial wallet and IRS guidance does not currently require wallets to report income. As well as this, as a non-custodial wallet, MetaMask does not enforce KYC processes, so there's very little information to share! All this said, this may soon change as part of the Infrastructure Bill. Due to the vague language used to describe crypto brokers, MetaMask and other non-custodial wallets may eventually be included in the tax reporting requirements for crypto businesses.
Can the IRS see my MetaMask transactions?
Yes. All your transactions on MetaMask will generally be public, all someone needs is your wallet address to view the transactions. Almost all blockchains - including Ethereum - are public ledgers. That means anyone - the IRS included - can view the transactions a given wallet has made. The IRS has previously worked with blockchain analyst companies to match wallet addresses to individuals.
What's the best crypto tax software for MetaMask?
We might be biased - but Koinly lets you automatically import all your MetaMask transactions, including DeFi transactions, and calculates your tax liability for you. All you need to do is connect Koinly to MetaMask and download your crypto tax report when you need it. Not convinced? Check out our 1,300+ five-star Trustpilot reviews.
How to get tax info from MetaMask
The tax info you need from MetaMask is your transaction data. MetaMask doesn't yet have a CSV export option, so the easiest way to get all the information you need is to use a crypto tax calculator like Koinly, all you need is your MetaMask public address. Once you've added your public address to Koinly, it'll fetch your transaction data, identify your taxable transactions, and calculate your capital gains, losses, income, and more.
Your frequently asked questions
Does MetaMask provide a tax report?
No, MetaMask doesn't provide a tax report. But you can use your MetaMask transaction history to calculate your crypto taxes and create a crypto tax report.
Does MetaMask supply a financial statement?
No, MetaMask doesn't supply a financial statement. But you can use your MetaMask transaction history to create a financial statement to use in your tax report.
Can I export a MetaMask CSV file?
MetaMask doesn't offer this option within their own platform - but you can use a third party site to get your CSV file.