How to do your Xumm Wallet taxes with KoinlyÂ
Xumm is a non-custodial wallet for the XRP ledger that lets you interact with the XRP blockchain and third-party tools while keeping your crypto secure. Whatever your XRP investments, Koinly can help with your taxes. Just connect to Koinly - here's how:
- Sign up to Koinly and choose your country and currency
- Connect Xumm Wallet with Koinly by following our steps below
- Koinly categorizes your transactions into gains, losses, and income
- Koinly generates your tax summary (for free!)
- Download your crypto tax report from Koinly
- File your crypto taxes online or with your crypto tax accountant
Watch how to do your Xumm Wallet taxes fast
Does Xumm Wallet report to the IRS?
No, Xumm Wallet does not report to the IRS or other tax offices. You can go through KYC using Xumm - it is an option for our Xumm Pro users. However, as a Dutch company, Xumm does not report to the IRS. That being said, all transactions on XRPL are public information and available to anyone who wishes to see them, including the IRS.
How to connect Koinly and Xumm Wallet automatically
On Xumm Wallet
- Log in to your Xumm Wallet app
- At the top of the page, under your wallet name, you'll see your Xumm public address
- Copy your public address
On Koinly
- Sign up or log in to Koinly and go to wallets
- Select add new wallet
- Search for Xumm Wallet
- Select set up auto sync
- Select connect blockchains
- Search for XRP
- Select XRP
- Paste your public address from Xumm Wallet
- Select import
Important
If you have multiple XRPL accounts managed by your Xumm Wallet, you'll need to repeat the steps above for each account to ensure you have your entire transaction history.
How to integrate Xumm Wallet with Koinly using CSV
You'll need to start by downloading a CSV file with your full trading history from Xumm Wallet before you can upload it to Koinly - here's how.
How to download and export your transaction history CSV file from Xumm WalletÂ
Transactions on the XRP Ledger are displayed by Xumm and you can interact with the XRP Ledger using Xumm. There are several options available to get a CSV file of your XRP Ledger transaction history from Xumm Wallet. Learn more on Xumm Support.
How to upload your Xumm Wallet CSV to Koinly
Once you've got your CSV file, here's how to upload it to Koinly.
- Sign up or log in to Koinly and go to wallets
- Select add new wallet: Xumm Wallet
- Select import from file
- Upload your CSV file
Important
Double check your transactions are tagged correctly in Koinly for your country’s tax rules!
How do I troubleshoot my Xumm Wallet integration to Koinly?
Problems connecting Xumm Wallet and Koinly? No worries - there's help at hand:
- 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 on email or live chat
- Got a feature request? Give us feedback on Canny
Calculate your Xumm Wallet taxes
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Does Xumm Wallet have tax documents?
No, Xumm Wallet does not provide tax forms of any kind. It is, however, possible to use your Xumm Wallet transaction history to calculate your crypto taxes and create a tax report with crypto tax software.
How do I get Xumm Wallet tax documents?
The easiest way to get your Xumm Wallet tax documents is to connect to Koinly automatically using your XRP public address. Once connected, Koinly calculates your tax liability and generates your Xumm Wallet tax documents.
Does Xumm Wallet provide financial or end of year statements?
No, Xumm Wallet does not supply financial statements or end of year statements.
Do I have to pay taxes on Xumm Wallet?
Yes. You need to pay taxes on your Xumm Wallet transactions. If you have capital gains or income, you’ll need to report these figures in your annual tax return.
Is Xumm Wallet safe?
Yes. Xumm Wallet is regarded as a secure, non-custodial wallet. However, as it’s a hot wallet, you may wish to consider storing any crypto you’re not actively trading in a secure, offline wallet.Â