How to file your Xaman Wallet taxes with Koinly
Xaman, formerly Xumm Wallet, 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:
Follow these steps to sync your Xaman (Xumm) data automatically to Koinly:
- Open your Xaman (Xumm) wallet app
- Copy the public address for every coin that you have on it (even the ones with a zero balance)
On Koinly:
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Xaman (Xumm) 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!
- 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 and Reddit
- Contact us on email or live chat
- Got a feature request? Give us feedback on Canny
Your frequently asked questions
Does Xaman have tax documents?
No, Xaman does not provide tax forms of any kind. It is, however, possible to use your Xaman transaction history to calculate your crypto taxes and create a tax report with crypto tax software.
How do I get Xaman tax documents?
The easiest way to get your Xaman tax documents is to connect to Koinly automatically using your XRP public address. Once connected, Koinly calculates your tax liability and generates your Xaman tax documents.
Does Xaman provide financial or end of year statements?
No, Xaman does not supply financial statements or end-of-year statements.
Do I have to pay taxes on Xaman?
Yes. You need to pay taxes on your Xaman transactions. If you have capital gains or income, you’ll need to report these figures in your annual tax return.
Is Xaman safe?
Yes. Xaman 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.
What happened to Xumm Wallet?
Xumm Wallet rebranded to Xaman in December 2023 in a landmark move for the popular XRP wallet. The change represented more than just a rebrand, as the latest update was focused on integrating the Xahau Network chain built on the XRP ledger, which has smart contract capability.
