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MetaMask taxes guide

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How To Do Your MetaMask Taxes

Last updated: Monday, 29 November 2021

Stuck on MetaMask taxes? Our ultimate MetaMask tax reporting guide has all the answers to common MetaMask tax queries, like how to calculate your MetaMask taxes, where to find your MetaMask trading history, how to report your MetaMask taxes and whether MetaMask reports to the IRS and other tax offices.

How to prepare MetaMask taxes

Need to get your MetaMask taxes done? Wherever you live, your regional tax authority wants to know about your crypto transactions including your short and long-term capital gains, capital losses and any miscellaneous income from crypto investments. To get started - you're going to need your MetaMask transaction history.

How to download & export MetaMask trading & transaction history

You can download and export your MetaMask trading and transaction history within your MetaMask account. There's two ways to do this - and one is much simpler than the other!

  1. Use the MetaMask tax report API with crypto tax software. If you use the MetaMask tax reporting API with a crypto tax app - all your MetaMask transaction history will be automatically imported to your chosen app. You can see the full instructions on how to integrate MetaMask and Koinly here.
  2. Export MetaMask transaction history in a CSV file. You can use a third party app like Etherscan to download a CSV file of your MetaMask transaction history to calculate your crypto taxes.

Here's how to get your MetaMask trade history export.

Head over to Ethercan.io and search for your wallet address (you can find this in your MetaMask browser extension - see how). Scroll down to the bottom of the page and find the download CSV export in the right hand corner. Pick your date range, complete the captcha and hit download.

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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.

The fastest way to do this is using the MetaMask tax report API. This API fetches your MetaMask transaction data and automatically imports it to your chosen crypto tax app where your crypto taxes will then be calculated for you.

If you prefer to use CSV files instead, follow the steps above to use a third party site to download your MetaMask transaction history CSV file.

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.

Use the steps earlier to download a CSV file of your MetaMask transaction history. Remember, you'll need your complete MetaMask transaction history to accurately calculate your cost basis, as well as your short and long-term gains. So when you're selecting the date range - make sure it covers the entire time period you've been using your MetaMask wallet.

Once you've got your MetaMask transaction history - you can calculate your crypto taxes manually or get a crypto tax app to do it for you.

How to calculate MetaMask taxes

You can calculate your MetaMask taxes using a crypto tax app or by calculating your crypto taxes yourself.

Doing it yourself? Good luck! Wherever you live, your tax office wants to know about all your taxable crypto transactions. This includes any time you made a capital gain or loss from selling, trading, spending or gifting crypto. It also includes any additional income from crypto investments - like through mining, staking or airdrops.

Of course, most crypto investors have hundreds, if not thousands, of individual crypto transactions throughout a single financial year - especially if you're involved in DeFi. This can make calculating your crypto taxes a real headache. You'll need to create a document of your crypto transactions, identify the type of tax applied to each kind of transaction and the resulting capital gain/loss, as well as the fair market value of any income on the day you received it.

Alternatively save yourself hours and use a crypto tax app to do it for you. Just use the MetaMask tax report API and your crypto tax app will calculate your MetaMask taxes for you and generate a pre-filled tax report based on your location - for example, the IRS Form 8949 and Schedule D or the ATO myTax report.

MetaMask CSV exports

Need to get a MetaMask CSV export in time for your tax deadline? MetaMask doesn't offer this option within their own platform - but you can use a third party site to get your CSV file.

Head over to Ethercan.io and search for your wallet address (you can find this in your MetaMask browser extension - see how). Scroll down to the bottom of the page and find the download CSV export in the right hand corner. Pick your date range, complete the captcha and hit download.

MetaMask tax API

If you want to save time, the easier option is just to use the MetaMask tax API. There's no fiddling around with third party sites and CSV files - it's all done automatically.

The best way to to this is with the MetaMask browser extension - whether that's on Chrome, FireFox or Brave. Once you've installed your MetaMask extension - select the MetaMask icon in the top right corner of your browser. From the drop down tap - select the Ethereum Mainnet option. Under your account name - copy your public address. Just paste this into your chosen crypto tax app and you're good to go.

Please note, syncing your MetaMask wallet will sync all of your Ethereum transactions. To connect to other networks like Binance Smart Chain or Polygon, you'll need to create separate wallets for these networks in Koinly. You can do this by logging into your Koinly account and going to wallets. Instead of connecting MetaMask, find the network you want to connect, for example Polygon or Binance Smart Chain. Then find the public address for these networks in your MetaMask browser extension and copy and paste these into Koinly to import.

Does MetaMask provide an end of year statement?

No, MetaMask does not provide an EOFY statement.

But you can use your MetaMask transaction history export to create an end of year statement. When you're selecting the date range on Etherscan - just pick a date range that reflects your financial year, for example the 1st of January to the 31st of December for US residents.

Does MetaMask report to the IRS?

It's unlikely MetaMask report to the IRS as a non-custodial ETH wallet - even if it is one of the leading non-custodial wallets available! MetaMask doesn't require users to complete KYC verification, so they have very little personal information about their users.

However, tax authorities around the world are cracking down on crypto tax evasion. Large exchanges like Coinbase, Binance and many more have explicitly stated they share information with tax authorities, including the IRS. So if you're moving funds between your MetaMask wallet and other wallets or exchanges, this means your centralized exchange may have your MetaMask wallet address and may be compelled to share that data with the IRS.

The best way to ensure you don't get an unwelcome surprise is to file an accurate tax report using crypto tax software.

Koinly is a MetaMask tax calculator & reporting tool

If you’ve been wondering is Koinly a MetaMask tax calculator tool, the answer is, yes! Not only can Koinly import MetaMask transaction history, but Koinly can also calculate your MetaMask taxes in a format that makes sense for your country’s tax office. As a MetaMask tax calculator, Koinly is able to do a bunch of impressive tasks that save you time and can even save you from paying too much taxes.

  • Koinly will import all your MetaMask trades including purchases, sales, swaps, income and more!
  • Koinly will then convert your MetaMask transactions into your country’s currency, at fair market value. This in itself is a massive time saver.
  • Finally, Koinly works out which of your MetaMask trades are taxable, and which are not - calculating your MetaMask gains/losses, crypto income and more. All of this is really important for being able to submit an accurate MetaMask tax return to your tax office.

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