Get a FREE crypto tax consultation. (Others charge up to $500 for this.)

How to File Your Trust Wallet Taxes in 2023

Zac McClure
ByZac McClure, MBAReviewed byTynisa (Ty) Gaines, EAUpdated on September 22, 2023 · minute read
VerifiedExpert verified

TokenTax content follows strict guidelines for editorial accuracy and integrity. We do not accept money from third party sites, so we can give you the most unbiased and accurate information possible.

  • Trust Wallet taxes are filed like other crypto taxes. The IRS requires that taxpayers report cryptocurrency transactions and income on their tax returns using Form 8949 and Schedule D for capital gains and losses, in addition to crypto income.

  • The IRS treats crypto held in digital wallets, such as Trust Wallet, as property for tax purposes. Trust Wallet does not at present provide tax documents, so users must export transaction history themselves in order to file Trust Wallet taxes.

What is a Trust Wallet? 

Trust Wallet is a popular cryptocurrency wallet that provides users a secure and decentralized way to store, manage, and trade digital assets. Initially created as an Ethereum wallet in 2017, Binance acquired Trust Wallet in 2018. It is available both as a mobile app and a browser extension.

Trust Wallet allows users to store a wide range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and many others. It offers features such as multi-wallet support, decentralized app (dApp) browsing, and built-in Web3 browser functionality, with an emphasis on security and user control. 

Trust Wallet is a non-custodial wallet. This means users have control over their private keys and funds. These private keys are stored locally to help ensure only the user has access to their funds. Trust Wallet also integrates with hardware wallets such as Ledger and Trezor for an additional layer of security.

Do I pay taxes on my Trust Wallet transactions?

The IRS treats crypto held in digital wallets, such as Trust Wallet, as property for tax purposes. This means Trust Wallet transactions involving cryptocurrencies have tax implications, and US-based Trust Wallet users can anticipate paying the going IRS tax rates for cryptocurrency

Here are three important points taxpayers need to consider when it comes to Trust Wallet taxes:

  • Capital Gains: Selling, exchanging, or disposing of cryptocurrencies held in Trust Wallet can result in capital gains or losses. The capital gains tax is applied to the difference between the sale price and the original cost basis of the cryptocurrency. 

  • Income Tax: If you receive crypto as income through mining, staking, airdrops, or payments for services, the fair market value of the received coins at time of receipt is typically considered taxable income. 

  • Reporting Requirements: The IRS requires that taxpayers report their cryptocurrency transactions and income on their tax returns. Taxpayers use Form 8949 and Schedule D for capital gains and losses and must report applicable income on the appropriate forms.

How to get your Trust Wallet tax documents

Trust Wallet does not at present provide Trust Wallet tax documents. However, Trust Wallet transactions are all logged on various blockchains, so it is fairly straightforward to access your transaction history with tools like Etherscan and BscScan

Simply find your Trust Wallet address for the respective blockchain, use the appropriate blockchain scanning tool, and you’ll be able to access your complete on-chain transaction history, which you can then export as a CSV.

To find your Trust Wallet addresses via the app:

  1. Launch your Trust Wallet app.

  2. Select the crypto type for which you’d like to discover your address. This could be Bitcoin, BNB (Binance), Ethereum, or another chain.

  3. Select “Receive,” at which point you’ll see your wallet address and can select “Copy” to retrieve it.

You can use Etherscan, BscScan, or to view and export your transaction history via CSV.

If this seems complicated, don’t worry. With TokenTax, you can easily import data from every crypto exchange, blockchain, protocol, and wallet. Our TrustWallet integration makes the Trust Wallet tax process simple and efficient. When in doubt, our expert team is available to help.

Schedule a FREE crypto tax consultation

How to report your Trust Wallet taxes

TokenTax makes it easy to report your Trust Wallet taxes. Here’s a 5-step process.

  1. Identify your wallet addresses, as outlined above. To reiterate: Launch the Trust Wallet app. Select the crypto type for which you’d like to discover your address (this could be Bitcoin, Binance, Ethereum, or another chain). Select “Receive,” at which point you’ll be able to copy your wallet address.

  2. Organize your wallet addresses and, if you prefer to import to TokenTax via CSV rather than import your wallet addresses directly, use Etherscan, BscScan, or to view and export your transaction history via CSV. CSV files are not necessary when using TokenTax, although having a copy of these on your local device is advisable.

  3. Log into TokenTax and select “Import” from the menu. Select “Import Data.”

TokenTax Import

4. Select the type of integration you’d like to utilize. If importing CSVs, look for the “Add CSV” option in the Quick Links area. If importing your wallet directly, search for the respective type (e.g. Bitcoin, Ethereum, etc) to find the integration.

TokenTax CSV Integration

5. Import your data. There are two ways to get your transaction history into TokenTax: CSV uploads or wallet imports.

Option 1: CSVs. Upload your CSV transaction history files.

TokenTax CSV Uploads

Option 2: Wallet imports. TokenTax can gather your transaction history for you by reading your wallets directly. On the “Add New Integration” page, simply search for the wallet type you’d like to integrate.

TokenTax Ethereum Integration

Then connect and import your wallet using the address you identified in step one.

TokenTax Ethereum Wallet Connect

Our software will automatically process your transaction history to make your Trust Wallet tax filing easy. Further questions? Our team of experts is available to help.

TokenTax automatically generates the tax forms and reports you need.

Trust Wallet taxes FAQs

Here are answers to frequently asked questions about Trust Wallet tax and Trust Wallet tax documents.

Does Trust Wallet report to the IRS?

No, Trust Wallet does not share user information or activity with the IRS (Internal Revenue Service). This puts the responsibility of reporting Trust Wallet taxes to the IRS on the user. TokenTax integrates with Trust Wallet to make the Trust Wallet tax reporting process easy.

Can the IRS view my Trust Wallet transactions?

Yes. The IRS pursues enforcement actions and partnerships with companies to enhance their ability to track cryptocurrency transactions.

The agency has issued John Doe summonses to obtain information about taxpayers who may not be correctly reporting their cryptocurrency activities.

Will Trust Wallet send me a 1099 Form?

No, Trust Wallet does not currently send 1099 or other Trust Wallet tax documents to its users. According to existing US regulations, non-custodial wallet providers like Trust Wallet are not obligated to issue 1099 forms. 

Regulations may change in the future, so it’s important to stay informed and work with a crypto tax accountant like ours at TokenTax when you have questions.

To stay up to date on the latest, follow TokenTax on Twitter @tokentax.

Zac McClure
Zac McClureCo-Founder & CEO at TokenTax
Zac co-founded TokenTax after his career in international finance and accounting at JPMorgan, Imprint Capital and Bain. He has worked in more than half-dozen countries and received his MBA from the UPenn Wharton School.
Tynisa (Ty) Gaines
Reviewed byTynisa (Ty) GainesTax Expert at TokenTax
Tynisa (Ty) Gaines, EA has more than 20 years of experience as a tax professional. Ty has published numerous tax articles, two tax e-books, and an academic publication on cryptocurrency for the National Income Tax Workbook.

Get a personalized crypto tax consultation.

Complete our questionaire and we'll evaluate your situation — for free.

Let’s get started.

Check out our plans and pricing to find out which solution best meets your needs.

Review plans