How to do your Lobstr Wallet taxes with Koinly
Lobstr Wallet is a popular Stellar (XLM) wallet that lets investors buy, sell, send, receive, and swap, XLM, and Stellar tokens. But your transactions might just come with a surprise tax bill. Don't worry, Koinly can help you with your XLM and crypto taxes. Here's how it works.
- Sign up to Koinly and choose your country and currency
- Connect Lobstr Wallet with Koinly to import all your XLM trades safely and securely
- Koinly calculates your Lobstr Wallet gains, losses, and income
- Download your crypto tax report from Koinly
- File your crypto taxes online or with your crypto tax accountant
How do I file my Lobstr Wallet taxes?
You'll need to calculate and report any income or capital gains you made with your tax office. For most people, this happens as part of your annual tax return.
There are a couple of ways you can do this - do it yourself, by identifying your taxable transactions, calculating your net capital gain or loss, and the fair market value of any crypto income.
Or, use a crypto tax calculator like Koinly to easily calculate your taxable income for you, and generate your crypto tax report, ready to file with your tax office.
Koinly works by importing your crypto transaction data to analyze what's taxable, and what's not.
Koinly lets you manage all your crypto transactions - from all the blockchains, wallets, and exchanges you use - from one single platform, making crypto tax simple.
How to connect Lobstr Wallet to Koinly automatically
To connect to Lobstr Wallet, all you need is your Stellar (XLM) address to add to Koinly. Please note you should use your full Stellar address, not your Federation address. Here's where to find it.
On Lobstr Wallet
- Log in to Lobstr Wallet
- In the left menu, select receive
- Select Stellar address
- Select copy address
On Koinly
- Log in to Koinly and go to wallets
- Select add new wallet: Lobstr Wallet
- Select set up auto sync
- Paste your Stellar address
- Select import
Important
You should add your Stellar address to Koinly in order to import your transaction history correctly, not your abbreviated Federation address.
How to integrate Lobstr Wallet with Koinly using CSV
If you prefer, you can integrate Koinly with Lobstr Wallet by uploading a CSV file of your transaction history instead. Here's how to get your transaction history CSV file.
How to download and export transaction history CSV from Lobstr Wallet
- Log in to Lobstr Wallet
- Select transactions
- Select the all tab
- Select export
- Select export as CSV
How to upload your Lobstr Wallet CSV file to Koinly
- Sign up or log in to your Koinly account and go to wallets
- Select add new wallet: Lobstr Wallet
- Select import from file
- Upload your CSV file(s)
Important
1. When downloading your CSV files, check that the file covers your full trading history. You may need to download multiple files and upload these to Koinly to get your complete trading history.
2. Don't forget to tag any crypto income according to your country's crypto tax rules!
How do I troubleshoot my Lobstr Wallet integration to Koinly?
If you need help connecting XLM and Koinly, check out these great resources:
- Head over to our help center
- Hit up our discussion boards - we might have already answered your question
- Ask us on social media - we're on Twitter or Reddit
- Contact us by email or live chat
- Got a feature request? Give us feedback on Canny
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Does Lobstr Wallet provide tax documents?
No. Lobstr Wallet does not provide tax documents for users. Instead, you'll need to download your transaction history and calculate your tax liability yourself, or use a crypto tax calculator like Koinly to do it for you.
How do I get tax reports and forms from Lobstr Wallet?
There are two easy ways to get your Lobster Wallet tax reports using Koinly. You can either connect to Koinly using your Stellar address to import your transaction history automatically, or you can upload a CSV file of your Lobstr Wallet transaction history. Koinly can then identify your taxable transactions and calculate your gains, losses, income, and more.
Does Lobstr Wallet provide financial or end of year statements?
No. Lobstr Wallet does not provide financial or end of year statements, but you can download a CSV file of your transaction history.
Is Lobstr Wallet safe?
Lobstr wallet is a popular XLM cloud wallet and is widely used by the Stellar community. It is however a custodial wallet, not a non-custodial wallet, meaning you don't store your private keys. Some users may prefer this approach as it avoids the potential pitfall of losing your private key, but others prefer non-custodial wallets where they have complete ownership of their crypto. You should always DYOR and follow best security practices for storing your crypto.