Trezor is one of the most trusted and secure hardware wallets available for crypto investors, letting you securely store your crypto assets offline, as well as buy, exchange, and sell through Trezor Suite via desktop and browser. Whatever your investments, Koinly can help you with your Trezor taxes.
The tax that applies to your Trezor transactions depends on the specific transaction and your country's rules on crypto tax. This said, generally speaking, there are two taxes that might apply to your crypto:
No. Trezor does not provide tax documents or reports. Instead, you'll need to get your Trezor transaction history, identify your taxable transactions and calculate your capital gains and income. Better still, use a crypto tax calculator like Koinly to do it for you.
Koinly works with Trezor to help you get your crypto taxes done in a fraction of the time it would take you to do it yourself. There are two ways to connect Trezor and Koinly - either connect via API using your public address or upload a CSV file of your Trezor transaction history.
Once connected, Koinly becomes the ultimate Trezor tax tool. How? Koinly will calculate your Trezor taxes based on your location and generate your crypto tax report, all within 20 minutes. All you’ll need to do at tax time is download the crypto tax report you need from Koinly and file it with your tax office.
You'll need to get your public address for each blockchain you interact with using Trezor - for example Bitcoin, Ethereum, and Binance Chain. This means you'll need your public address, or in some instances xpub key, for each blockchain. We'll show you how to get both.
You'll need your xpub key for these blockchains, not your public address.
You'll need to download a CSV file for each coin you hold in Trezor, as well as a CSV file for each account you have relating to that coin.
Trezor is a non-custodial wallet with no KYC, making it a secure and private wallet. In other words, it's very unlikely Trezor is sharing data with the IRS or any other tax office for that matter.
This said, if you've moved assets from your Trezor wallet to centralized crypto exchanges, many of these exchanges are legally compelled to share data with the IRS and other tax offices - potentially including your Trezor address.
If you're having trouble connecting Trezor and Koinly, these resources could help:
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No. Trezor does not issue users with tax documents. Instead, you'll need to use your Trezor transaction history to calculate your taxes yourself or use a crypto tax calculator like Koinly to do it for you.
The easiest way to get your Trezor tax documents is to connect to crypto tax software like Koinly using your public address or by uploading a CSV file of your Trezor transaction history. Your crypto tax calculator will then calculate your gains, losses, and income and generate a crypto tax report.
No. Trezor does not provide users with financial or end of year statements, but you can export your transaction history as a CSV file.
This depends on where you live. Generally speaking, buying crypto with fiat currency and holding crypto as an investment is not subject to tax, but some countries have a Wealth Tax or TDS that may apply to crypto transactions. You can find out more in our crypto tax guides.
Potentially, yes! Crypto tax varies depending on where you live and the transactions you've made. However, broadly speaking, gains from selling, swapping, or spending crypto are subject to Capital Gains Tax, while earning new tokens from activities like staking or mining may be subject to Income Tax. You can learn more in our crypto tax guides.
Yes, Trezor is a market-leading, hardware wallet. Cold storage is considered the best practice to keep your crypto safe and Trezor products are some of the most popular options on the market. This said, your wallet is only as safe as you are. You should follow best security practices on the best ways to store crypto.
Both Trezor and Ledger offer well-rated hardware devices with top-of-the-line security features and both support a huge amount of coins. Much of the decision over which is better, Trezor vs Ledger, will come down to the specific features you'd like for your hardware wallet, for example, Bluetooth or USB connection, as well as your budget.
Yes. In 2022, an ethical hacker successfully hacked a Trezor One hardware wallet with more than $2 million in lost crypto after an investor lost the security pin. As well as this, in 2020, Kraken Security Labs identified a security flaw with Trezor wallets - but Trezor has since changed wallet architecture to resolve this issue.
If your Trezor hardware wallet is stolen (or lost or damaged), you can use your recovery seed to restore your entire wallet - you just need to enter your seed into your new hardware device. This is why it's so important to make sure you set up a recovery seed and store it securely when you first set up your wallet.
Trezor devices support more than 1,800 coins, although The Trezor Model T supports more coins than the Trezor Model One. See a full list of supported coins and search for yours.