How to file your MetaMask taxes with Koinly

What is MetaMask?

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.

Is MetaMask safe?

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.

Who owns MetaMask?

MetaMask is developed by ConsenSys Software Incorporated. The company is well-known for a variety of Ethereum-based tools and infrastructure developments.

How to get your MetaMask tax documents

Whatever your MetaMask investments, Koinly can help with your taxes.

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

Watch how to do your MetaMask taxes fast

Do I need to pay tax on my MetaMask transactions?

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:

• Capital Gains Tax: If you sell, swap, or spend crypto using MetaMask and make a gain as a result, this is usually subject to Capital Gains Tax. This includes all kinds of crypto assets like stablecoins, tokens, and NFTs.
• Income Tax: If you earn new coins or tokens - for example, through airdrops or staking rewards - this is usually viewed as additional income and subject to Income Tax upon receipt.

How are MetaMask gas fees taxed?

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.

Does MetaMask report to the IRS?

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.

Can the IRS see my MetaMask transactions?

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.

What's the best crypto tax software for MetaMask?

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.

How to get tax info from MetaMask

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.

How to connect Koinly and MetaMask automatically with API

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.

On Koinly

1. Sign up or log in to your Koinly account and go to the wallets page.
2. Select add new wallet: MetaMask.
3. Select set up auto-sync.

In Browser:

1. Select the MetaMask extension icon in the top right corner of your browser.
2. From the drop down tab at the top, find the Ethereum Mainnet option.
3. Under the account name, copy the public address.

Back to Koinly:

1. Paste the public address into the public address or key box.
2. Select secure import.

Syncing other networks

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.

How do I troubleshoot my MetaMask integration to Koinly?

Something not working with your MetaMask data import? There’s plenty of help available:

• 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 or Reddit
• Contact us by email or live chat
• Got a feature request? Give us feedback on Canny

How to add Binance Smart Chain to MetaMask

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

How to add Polygon to MetaMask

You can add MATIC to MetaMask browser easily using Polyscan. Here's how it works:

1. Go to polygonscan.com
2. At the bottom of the page, select add Polygon network
3. You should now see a MetaMask notification, select approve.

How to add Avalanche to MetaMask

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.

How to add Solana to 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.