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:
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.
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.
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.
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.
Once you've got your CSV file, here's how to upload it to Koinly.
Double check your transactions are tagged correctly in Koinly for your country’s tax rules!
Problems connecting Xumm Wallet and Koinly? No worries - there's help at hand:
Sign up free today to do Xumm Wallet taxes.
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.
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.
No, Xumm Wallet does not supply financial statements or end of year statements.
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.
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.