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How To Do Your Trezor Taxes With Koinly

How to do your Trezor taxes with Koinly

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.

  1. Sign up to Koinly and choose your country and currency
  2. Connect Trezor with Koinly to import all your Trezor trades safely and securely
  3. Koinly categorizes Trezor transactions into gains, losses, and income
  4. Koinly calculates your Trezor Capital Gains Tax and Trezor Income Tax
  5. Download your Trezor tax report from Koinly
  6. File your Trezor taxes online or with your crypto tax accountant

How are Trezor transactions taxed?

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:

  • Capital Gains Tax: Whenever you sell, trade or spend crypto via Trezor, you'll likely pay Capital Gains Tax on any profit from that transaction.
  • Income Tax: If you're earning new tokens and receiving them in your Trezor wallet - whether that's staking rewards, mining rewards, or any other kind of income - you'll likely pay Income Tax based on the fair market value of new tokens or coins on the day you receive them, in your fiat currency.

Want to learn more about crypto tax where you live? See our crypto tax guides.

Does Trezor provide tax documents?

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.

How to get your Trezor tax report with Koinly

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.

How to connect Trezor to Koinly via API

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.

On Trezor

For Ethereum & any ETH tokens

  1. Log in to Trezor
  2. Select accounts
  3. Select the coin you'd like to connect - for example, ETH
  4. Select receive
  5. Copy your address

For Bitcoin, Bitcoin Cash, Dogecoin, Dash, Litecoin and BSV

You'll need your xpub key for these blockchains, not your public address.

  1. Log in to Trezor.
  2. Go to the accounts page and select the desired account from the sidebar (you'll need to connect all your accounts to Koinly in order to calculate your Trezor taxes correctly)
  3. Select the account tab
  4. Select show public key
  5. Select copy public key (xpub)

On Koinly

  1. Log in to Koinly and go to the wallets page
  2. Select add new wallet
  3. Search for Trezor
  4. Select set up auto sync
  5. Search for and select the blockchain you want to connect. For example - Bitcoin or Ethereum
  6. Paste your public address or xpub key
  7. Select import

How to connect Trezor to Koinly via CSV

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.

On Trezor

  1. Log in to Trezor
  2. Select accounts
  3. Select the coin you'd like a CSV for, for example Bitcoin. If you have multiple accounts for that coin, you'll also need to select the account for that coin
  4. Select the three-dot icon on the right next to transactions
  5. Select export as CSV

On Koinly

  1. Sign up or log in to your Koinly account and go to the wallets page
  2. Select add new wallet: Trezor
  3. Select import from file
  4. Upload your CSV file(s)

Does Trezor report to the IRS?

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.

How do I check if my Trezor import is accurate?

If you're having trouble connecting Trezor and Koinly, these resources could help:

Calculate your Trezor taxes

Sign up free today to calculate your Trezor taxes

Does Trezor have tax documents?

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.

How do I get Trezor tax documents?

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.

Does Trezor provide financial or end of year statements?

No. Trezor does not provide users with financial or end of year statements, but you can export your transaction history as a CSV file.

Do I have to report Trezor transactions if I didn't sell?

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.

Do I have to pay taxes on Trezor transactions?

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.

Is Trezor safe?

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.

Is Trezor safer than Ledger?

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.

Has Trezor model T ever been hacked?

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.

What happens if someone steals your Trezor?

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.