Simplify Trust Wallet tax reporting with Koinly. Integrate via API or CSV to easily calculate the tax liability of your Trust Wallet transactions, trading and history. Get started for FREE!
You might be wondering, is it even possible to get tax info and statements from Trust Wallet? Does Trust Wallet provide CSV tax and trade history reports? What about a Trust Wallet tax API? The good news is, while Trust Wallet might not provide tax forms and documents, Trust Wallet does offer one easy way to export transaction and trade history!
Trust Wallet pairs with Koinly through API to make reporting your crypto taxes easy. Once connected, Koinly becomes the ultimate Trust Wallet tax tool. How? Koinly will calculate your Trust Wallet taxes based on your location AND generate your EOFY tax report, all within 20 minutes! All you’ll need to do at tax time is download your Trust Wallet tax statement from Koinly and file it with your local tax authority. Done!
Once you've clicked connect to blockchain, you'll get to pick the coins you'd want to sync. Depending on the coins you're syncing, you can follow a few different next steps:
Good to know
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. This is why it's a great idea to name your wallets to ensure you can easily identify which coins are related to your Trust Wallet account. 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. 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.
If you’ve been wondering is Koinly a Trust Wallet tax calculator tool, the answer is, yes! Not only can Koinly import Trust Wallet's transaction history, but Koinly can also calculate your Trust Wallet taxes in a format that makes sense for your country’s tax office. As a Trust Wallet tax software, Koinly is able to a bunch of impressive tasks that save you time and can even save you from paying too much taxes.
Koinly is first and foremost a cryptocurrency tax calculator, but it also works as a crypto portfolio tracker. Once you're logged into your Koinly account and you've imported all transaction data from your Trust Wallet account, head to the Koinly dashboard to view your Trust Wallet balance and review your transactions.
No need to worry if the tax deadline is looming, it couldn't be simpler to get your Trust Wallet tax statement on Koinly. Once you've imported your data, Koinly works its magic behind the scenes to generate your tax report. First, it identifies the market rates for all your transactions in the currency of your choice, for example, USD or AUD. Then, Koinly calculates your taxable position including your short and longer term gains, losses, income and expenses. All this information is available in the summary section on your tax report page. On the same page, you'll find the option to download a variety of tax reports including your Trust Wallet transaction history, a Complete Tax Report, Income Report and more. As well as this, Koinly can generate tax reports for specific tax authorities or apps. For example, the HMRC Capital Gains Summary for UK investors or the IRS Schedule D Form for US investors.
Once you've downloaded your cryptocurrency tax report, you can use it when filing your taxes. The exact process will vary depending on your country's tax office. However, in most countries, you can file your crypto taxes online in an annual income tax report.
Alternatively, if you're using an accountant to file your taxes, you can simply invite your accountant to review your Trust Wallet tax information on Koinly. You can do this through your account settings within Koinly.
Many tax authorities across the world have started cracking down on crypto. As part of this, authorities like the IRS, ATO and HMRC have put pressure on crypto exchanges to share customer data to ensure tax compliance and improve security.
Though Trust Wallet haven't explicitly stated they share customer information with any given tax authority, considering they're one of the larger crypto wallets and partnered with huge crypto exchange Binance, it is likely they have faced pressure from tax authorities to do so.
The best way to stay compliant is to report your taxes accurately.
Koinly is pretty smart, but if there are issues with imported data it can't generate an accurate tax report. You can follow a few simple steps to ensure your crypto tax report is accurate.
All Wallets, Exchanges and Blockchains
First, make sure all your wallets and exchanges are synced with Koinly. It needs all your transaction history to generate the most accurate report. Otherwise your non-taxable transfers may be tagged incorrectly as withdrawals/deposits or you might miss out on offsetting capital gains with capital losses.
Look out for big numbers
Next up, head to the transactions page. Here you can filter by the type of transaction. If you notice any withdrawals or deposits that you believe are actually transfers between your own wallets - you can find out more on how you can fix that here.
Review how your transactions are labelled
Koinly does most of this automatically, but there are instances when imported transactions like staking rewards or mining income aren't tagged correctly. This means your crypto tax report could be inaccurate.
It's always good to double check and use the following labels to tag your transactions correctly:
Withdrawal Tags (sending funds)
Koinly will typically treat withdrawals as a disposal of asset, which is subject to Capital Gains Tax. Of course, this might not always be the intention of the withdrawal and some disposals may not be taxable transactions. To get around this, we make use of tags which you can use to clarify the purpose of the withdrawal.
Deposit Tags (receiving funds)
Deposits are when you receive new coins into any wallet or exchange. By default, Koinly treats all deposits as investments or purchases at market price. However, there are many ways you may receive coins, for example through an air drop, fork or as a reward and these may be subject to Income Tax. To navigate this, we've got a variety of tags for deposits.
Exchange (trading funds)
An exchange or trade is when you're buying crypto, selling crypto or exchanging crypto for crypto. Koinly can identify all of these events based on your imported data and identifies which trades are taxable. However, there are rare instances when you may need to tag an exchange.
It's really helpful to read our guide on ensuring your tax reports are correct if you're having any problems at all.
Koinly has a great help section, packed full of common queries and helpful solutions from our customer support team. You can find answers to common queries about integrating Trust Wallet to Koinly here. Some of our most frequently asked questions about integrating Trust Wallet include:
You can find all Trust Wallet and Koinly help here. Don't worry if you can't find the answer you're looking for - just get in touch with our customer support team who will be happy to help. You can also chat with the Koinly community here.