MetaMask is a popular in-browser, self-custodial wallet for crypto investors looking to buy, store, send and swap on the Ethereum blockchain, although it also supports many other blockchains. It's also a popular option for those interested in investing in DeFi and exploring dApps and has attracted more than 5 million users.
Whatever your MetaMask investments, Koinly can help with your taxes.
Yes. Your MetaMask transactions may be taxable. If you have capital gains or income from your MetaMask transactions, you'll likely need to pay tax on them. Crypto tax varies depending on where you live (so read our crypto tax guides for more info where you live), but generally, crypto is subject to Capital Gains Tax or Income Tax depending on the transaction:
A great question - but not one with a clear-cut answer! Most tax offices haven’t given specific guidance on gas fees or network fees, but many of them have given guidance on transaction fees in general and it'll all depend on the transaction. If your transaction is related to acquiring or disposing of a crypto asset, your gas fees for the transaction may be an allowable cost. In other words, you could add them to your cost basis and reduce your capital gain in a disposal event. However, for gas fees that are unrelated to acquiring or disposing of a crypto asset - like transferring crypto from or to your MetaMask wallet - many tax offices have released guidance saying these are not allowable as part of your cost basis calculations. Find out more about gas fees and taxes.
It's unlikely MetaMask report to the IRS. MetaMask is a non-custodial wallet and IRS guidance does not currently require wallets to report income. As well as this, as a non-custodial wallet, MetaMask does not enforce KYC processes, so there's very little information to share! All this said, this may soon change as part of the Infrastructure Bill. Due to the vague language used to describe crypto brokers, MetaMask and other non-custodial wallets may eventually be included in the tax reporting requirements for crypto businesses.
Yes. All your transactions on MetaMask will generally be public, all someone needs is your wallet address to view the transactions. Almost all blockchains - including Ethereum - are public ledgers. That means anyone - the IRS included - can view the transactions a given wallet has made. The IRS has previously worked with blockchain analyst companies to match wallet addresses to individuals.
We might be biased - but Koinly lets you automatically import all your MetaMask transactions, including DeFi transactions, and calculates your tax liability for you. All you need to do is connect Koinly to MetaMask and download your crypto tax report when you need it. Not convinced? Check out our 1050+ five star Trustpilot reviews.
The tax info you need from MetaMask is your transaction data. MetaMask doesn't yet have a CSV export option, so the easiest way to get all the information you need is to use a crypto tax calculator like Koinly, all you need is your MetaMask public address. Once you've added your public address to Koinly, it'll fetch your transaction data and identify your taxable transactions and calculate your capital gains, losses, income, and more. Here's how it works.
The best way to integrate MetaMask with your Koinly account is using the MetaMask browser extension. This is available on Chrome, FireFox and Brave. You can install the MetaMask browser extension on any of these browsers and we highly recommend doing this before you follow our API steps below.
Syncing your MetaMask wallet will sync all of your Ethereum transactions. To connect to other networks like Binance Smart Chain or Polygon, you'll need to create separate wallets for these networks in Koinly. You can do this by logging into your Koinly account and going to wallets. Instead of connecting MetaMask, find the network you want to connect, for example Polygon or Binance Smart Chain. Then find the public address for these networks in your MetaMask browser extension and copy and paste these into Koinly to import.
Important
1. Auto-syncing your MetaMask data takes a couple of minutes on Koinly. This is normal, Koinly is just working through your transactions to identify which are taxable events and which aren't.
2. Once your data is imported, you might notice a small yellow warning icon next to your MetaMask wallet. This icon indicates an issue with imported data, click on it to find out the precise issue. You can learn more about how to resolve this in this guide.
3. MetaMask doesn't give the option to export CSV files, although you can use some third-party providers to export CSV data directly from the ETH blockchain.
4. Please note, Koinly does not automatically handle Uniswap V3 liquidity transactions like V2 liquidity transactions. Read more in our guide on Uniswap taxes here.
5. Some users may need to tag certain transactions themselves - in particular, staking and farming transactions. Find out more about how to tag staking transactions and farming transactions.
Something not working with your MetaMask data import? There’s plenty of help available:
Sign up free today to calculate your MetaMask taxes.
Yes. MetaMask is a popular and secure hot wallet - however, your wallet is only as secure as you are, so always follow best practices for crypto storage. This includes using a strong, unique password, creating and storing your seed phrase securely, and storing any crypto you're not actively trading in a cold wallet.
MetaMask is developed by ConsenSys Software Incorporated. The company is well-known for a variety of Ethereum-based tools and infrastructure developments.
MetaMask supports multiple blockchains - including Binance Smart Chain! Here's how to add BNB Smart Chain to MetaMask:
1. Log into your MetaMask wallet and select settings
2. Go to networks and select add network
3. Select Smart Chain Mainnet
4. Enter the following information into the relevant fields:
- Network Name: Smart Chain
- New RPC URL: https://bsc-dataseed.binance.org/
- ChainID: 56
- Symbol: BNB
- Block Explorer URL: https://bscscan.com
5. Select save
6. You'll return to your wallet dashboard and you should be able to select Binance Smart Chain from your networks
You can add MATIC to MetaMask browser easily using Polyscan. Here's how it works:
Want to add AVAX to your MetaMask wallet? Here's how:
1. Log into your MetaMask wallet and select settings
2. Go to networks and select add network
3. On the add a network page, enter the following details into the relevant fields:
- Network Name: Avalanche Network
- New RPC URL: https://api.avax.network/ext/bc/C/rpc
- ChainID: 43114
- Symbol: AVAX
- Explorer: https://snowtrace.io/
4. Select save
6. You'll return to your wallet dashboard where you can now select Avalanche from your networks in MetaMask.
Adding Solana to MetaMask directly is not possible due to different programming languages - Solana uses Rust, while MetaMask uses Solidity. Instead, you'll need to use a Solana wallet like Phantom.
No, MetaMask doesn't provide a tax report. But you can use your MetaMask transaction history to calculate your crypto taxes and create a crypto tax report.
No, MetaMask doesn't supply a financial statement. But you can use your MetaMask transaction history to create a financial statement to use in your tax report.
MetaMask doesn't offer this option within their own platform - but you can use a third party site to get your CSV file.