Thinking about your Xumm Wallet taxes? Wondering where to find your Xumm Wallet transaction statements or how to calculate your taxable income? This comprehensive Xumm Wallet tax guide will answer all these questions and more.
How to prepare Xumm Wallet taxes
Preparing for your Xumm Wallet taxes can be overwhelming. Calculating capital gains, capital losses or miscellaneous income from your crypto investments is not for the faint-hearted. While it does depend on your regional tax authority, there are some basic tax calculations you will need to know regardless of your investment activity. Ready to get started? You will need your Xumm Wallet transaction history.
How to download Xumm Wallet transaction history
You can download and export your Xumm Wallet trading and transaction history from within your Xumm Wallet account. There's two ways to do this - and one is much simpler than the other!
- Use the Xumm Wallet tax report API with crypto tax software. If you use the Xumm Wallet tax reporting API with a crypto tax app - all your Xumm Wallet transaction history will be automatically imported to your chosen app. You can see the full instructions on how to integrate Xumm Wallet and Koinly here.
- Export Xumm Wallet transaction history in a CSV file using the Xumm transaction exporter and calculate your crypto taxes yourself.
Does Xumm Wallet provide a tax report?
No, Xumm Wallet does not provide tax forms of any kind. It is, however, possible to use your Xumm Wallet transaction history to calculate your crypto taxes and create a tax report with crypto tax software.
Does Xumm Wallet provide a 1099 form to the IRS?
No, Xumm Wallet does not provide tax forms of any kind. As a non-custodial wallet, Xumm Wallet does not require KYC verification so they'd be unable to issue users with a 1099 report. You can learn more about crypto 1099 forms in our blog.
Does Xumm Wallet supply a financial statement?
No, Xumm Wallet does not supply financial statements.
Xumm Wallet CSV export
Xumm Wallet itself doesn't offer users a simple export transaction history CSV file option in the app, which is why we generally recommend using the API method instead. However, if you'd rather use a CSV file, there are a couple of options available via the Xumm transaction exporter. Learn more on Xumm Support. Please note, if you're uploading your CSV file to a crypto tax app - you may need to reformat this file.
Xumm Wallet tax API
You can easily generate a Xumm Wallet public address which you can use with your chosen crypto tax app. You just need to get your Xumm public address for each blockchain you interact with using Xumm wallet. This is easy to find - just log in to the Xumm app and you'll see your Xumm public address next to your wallet name. Remember, you'll need to do this for each blockchain you interact with using Xumm Wallet - just switch between the blockchains in the app and copy each address and paste this into your crypto tax app when you're adding a new wallet.
Does Xumm Wallet provide an end of year statement?
No, Xumm Wallet does not provide an end of year statement, but you can use crypto tax software to create one.
Does Xumm Wallet report to the IRS?
No. Xumm Wallet does not report to the IRS. As a non-custodial wallet, Xumm Wallet doesn't collect KYC data. However, if you're transferring between Xumm Wallet and centralized crypto exchanges, many of these exchanges may be required to share KYC data with the IRS.
Do Xumm Wallet report to other tax authorities?
No, Xumm Wallet is a non-custodial wallet that does not collect KYC data on customers and states it is the responsibility of the user to investigate and settle their tax obligations.
How to generate a Xumm Wallet tax report
You can either generate a Xumm Wallet statement using a crypto tax app or by calculating your crypto taxes yourself.
Xumm Wallet is probably one of the trickier exchanges to tackle by yourself since it doesn’t offer a simple way to download your transaction history. This can make it incredibly difficult to accurately calculate your capital gain or loss from selling, trading, spending, or gifting crypto. Especially if your investment activity includes hundreds, if not thousands, of individual crypto transactions throughout a single financial year.
The most efficient way to generate a Xumm Wallet tax report is by connecting to a crypto tax app via API. Your crypto tax app will calculate your Xumm Wallet 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.
Koinly makes for a great Xumm Wallet tax calculator tool. Not only can Koinly import your Xumm Wallet transaction history, but it can also calculate your Xumm Wallet taxes in a format that makes sense for your country’s tax office. As a Xumm Wallet 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.
Here’s a list of the things that Koinly takes care of so you don’t have to:
- Imports all your trades including purchases, sales, swaps, and rewards.
- Converts your transactions into your country’s currency at fair market value (this in itself is a massive time saver).
- Deciphers which of your Xumm Wallet trades are taxable and which are not.
- Helps you submit a clean and accurate report to your tax office.