Trust Wallet is a versatile crypto wallet that works natively with the Binance dex and Binance Smart Chain. The official mobile wallet for Binance and a firm favorite for Ethereum investors, Trust Wallet lets you send, receive and store cryptocurrencies as well as digital assets like NFTs.
You need to report any gains, losses or income from crypto investments to your tax office, including from your Trust Wallet account. Generally, this is done as part of your annual tax return.
You can do this yourself by identifying all your taxable transactions, the kind of tax that applies, your capital gains and losses for each disposal and the fair market value in your fiat currency of any crypto income… but it’s time consuming.
This is why most investors opt to use crypto tax software like Koinly. Koinly does all this for you and generates your tax report, ready to file with your tax office. Here’s how it works…
Koinly works by importing your Trust Wallet transaction data. Let's look at an example - here's some transactions in a Trust Wallet account.
You can import your Trust wallet transaction history via API integration which will sync your Trust Wallet transaction history automatically. Once you've done this, you'll be able to see your Trust Wallet transactions in Koinly - like this.
This lets you manage all your crypto transactions - from Trust Wallet and any other exchanges, crypto wallets or blockchains you use - from one single platform, making crypto tax simple. Here's how to import your Trust Wallet transaction data. Here's how to import your data.
You'll need to connect each blockchain/coin you interact with via Trust Wallet to Koinly individually via your public address. This is easy to do, you just need to get the public address for each blockchain from Trust Wallet. Here's how.
Please note, there are some blockchains where you'll need your xpub key instead. See instructions below for these blockchains.
Trust Wallet no longer provides the xpub/ypub keys. Don't worry, you can follow this guide on how to generate your xpub key instead.
1. When you're syncing Trust Wallet via API, you'll need to repeat these steps for each different coin you're syncing. For example, you would need to sync Dogecoin and Bitcoin separately.
2. If you can't find your coin, this means Koinly can't yet auto-sync transactions for that coin yet. We're always working on supporting new coins. so please let us know if this is the case for you and we'll get it added as soon as we can.
3. Trust Wallet doesn't yet feature an option for exporting transaction data via CSV file, so the API integration method is the best way to integrate your Trust Wallet with Koinly.
Problems connecting Trust Wallet with Koinly? No problem - there's help at hand:
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No. Trust Wallet does not issue tax forms to users. You’ll need to calculate your Trust Wallet taxes yourself, or use crypto tax software to do it for you.
The easiest way to get your tax info from Trust Wallet is to connect automatically to crypto tax software like Koinly. All you need to do is get your public address from Trust Wallet and enter it into Koinly.
No. You don't need to complete any KYC verification in order to use Trust Wallet.
Trust Wallet is a secure, hot wallet. But you should always follow best practices for storing your crypto and keep it in a secure, cold wallet.
Trust Wallet is a non-custodial wallet with a built in decentralized exchange where you’re responsible for your keys and crypto. However, it is owned by Binance.
No. Trust Wallet is a hot wallet. As per best practices, we recommend you only store crypto in your Trust Wallet when you’re actively trading, otherwise use a cold wallet.
Binance Holdings Limited own Trust Wallet.
While Trust Wallet is a secure, hot wallet - your wallet is only as secure as you are. If you’re not following best practices for wallet security, your crypto may be at risk.
TurboTax doesn’t support crypto wallets directly. However, you can use Koinly to connect to Trust Wallet and generate a TurboTax Report, which you can upload straight to the platform to report your crypto taxes.
No, Trust Wallet does not provide CSV reports. But you may be able to use a blockchain explorer to get a CSV file of your Trust Wallet transaction history.
No, Trust Wallet won't provide you with an EOFY statement, but if you integrate with crypto tax software, they can provide this for you.
No, Trust Wallet does not store KYC data and is unlikely to report to tax offices. However, many centralized exchanges do - so if you’re transferring crypto between Trust Wallet and large exchanges, your tax office likely already knows about your crypto investments.