How to File Your Lobstr Wallet Taxes with Koinly
Lobstr Wallet is a popular Stellar (XLM) wallet that lets investors buy, sell, send, receive, and swap, XLM, and Stellar tokens. But your transactions might just come with a surprise tax bill. Don't worry, Koinly can help you with your XLM and crypto taxes. Here's how it works.
Follow these steps to sync your Lobstr wallet (XLM) data automatically to Koinly:
You should add your Stellar address to Koinly in order to import your transaction history correctly, not your abbreviated Federation address.
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Lobstr wallet (XLM) 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!
How do I file my Lobstr Wallet taxes?
You'll need to calculate and report any income or capital gains you made with your tax office. For most people, this happens as part of your annual tax return.
There are a couple of ways you can do this - do it yourself, by identifying your taxable transactions, calculating your net capital gain or loss, and the fair market value of any crypto income.
Or, use a crypto tax calculator like Koinly to easily calculate your taxable income for you, and generate your crypto tax report, ready to file with your tax office.
Koinly works by importing your crypto transaction data to analyze what's taxable, and what's not.
Koinly lets you manage all your crypto transactions - from all the blockchains, wallets, and exchanges you use - from one single platform, making crypto tax simple.
Your frequently asked questions
Does Lobstr Wallet provide tax documents?
No. Lobstr Wallet does not provide tax documents for users. Instead, you'll need to download your transaction history and calculate your tax liability yourself, or use a crypto tax calculator like Koinly to do it for you.
How do I get tax reports and forms from Lobstr Wallet?
There are two easy ways to get your Lobster Wallet tax reports using Koinly. You can either connect to Koinly using your Stellar address to import your transaction history automatically, or you can upload a CSV file of your Lobstr Wallet transaction history. Koinly can then identify your taxable transactions and calculate your gains, losses, income, and more.
Does Lobstr Wallet provide financial or end of year statements?
No. Lobstr Wallet does not provide financial or end-of-year statements, but you can download a CSV file of your transaction history.
Is Lobstr Wallet safe?
Lobstr wallet is a popular XLM cloud wallet and is widely used by the Stellar community. It is however a custodial wallet, not a non-custodial wallet, meaning you don't store your private keys. Some users may prefer this approach as it avoids the potential pitfall of losing your private key, but others prefer non-custodial wallets where they have complete ownership of their crypto. You should always DYOR and follow best security practices for storing your crypto.