How To File Your Phantom Taxes With Koinly
Phantom is a Solana web wallet that lets investors store, buy, trade, send, and receive Solana tokens and NFTs. Built for DeFi investments, Phantom has become one of the most popular Solana wallets going. Koinly can help you do your Phantom taxes safely, quickly, and accurately.
Follow these steps to sync your Phantom data automatically to Koinly:
- Open your Phantom wallet app
- Copy the public address for every coin that you have on it (even the ones with a zero balance)
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Phantom 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!
Your frequently asked questions
Does Phantom provide Phantom Wallet tax reporting or documents?
No, Phantom does not provide a tax report. However, they can provide you with your transaction history, which can be used as a means of calculating and reporting all taxes.
How do I get Phantom tax documents?
The easiest way to get your Phantom tax documents is to connect to crypto tax software via automatically using your public address. Your crypto tax calculator will then calculate your Phantom taxes for you and generate your Phantom tax documents.
Do you get a 1099 from Phantom?
As a non-custodial wallet - Phantom doesn’t collect user data, so it’s unlikely you’ll be getting a 1099 form from Phantom, which means the IRS won’t either.
Does Phantom provide financial or end of year statements?
No, Phantom does not provide a financial report. You can, however, create a financial statement using your Phantom wallet transaction history, or a crypto tax app.
Do I have to pay taxes on Phantom?
Yes - if you have capital gains or income as a result of your crypto investment activities on Phantom, you'll need to report these to your tax office and pay taxes on them. If you're tempted to try and avoid crypto taxes, think again - the penalties for tax evasion are steep and you may face fines or even jail time.