How to File Your Trust Wallet Taxes in 2025

Trust Wallet is a widely recognized crypto wallet that gives users full control of their private keys, allowing them to hold, manage, and trade a variety of digital assets. Since its initial launch in 2017 as an Ethereum-focused wallet, it has expanded to support multiple cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB). Binance acquired Trust Wallet in 2018.

Because Trust Wallet is non-custodial, you alone hold your private keys on your device. It also works seamlessly with hardware wallets like Ledger or Trezor for enhanced security. This emphasis on user control and decentralized operations is a big part of Trust Wallet’s success.

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In the eyes of the IRS, cryptocurrency is treated like property, so you might owe taxes whenever you sell, exchange, or otherwise get rid of your tokens. Here are the main considerations:

Capital Gains or Losses
Selling or swapping your crypto from Trust Wallet may generate capital gains (or losses) based on how much you paid for the tokens (your cost basis) compared to what you received when you sold or traded them.

Income Tax
Crypto you receive through staking, mining, airdrops, or as payment for services generally counts as ordinary income and should be reported as such once you have control of the coins.

Reporting Requirements
The IRS requires detailed reporting of crypto transactions on Form 8949 and Schedule D. This typically involves listing acquisition dates, sale dates, proceeds, and cost basis for each transaction.

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Non-custodial wallets, like Trust Wallet, usually do not submit user transaction data to the IRS. Since you control your own keys (and Trust Wallet doesn’t manage customer assets), the wallet itself is not in the same category as a centralized exchange that may report user data to tax authorities.

However, even though Trust Wallet doesn’t file reports on your behalf, you still need to follow IRS rules. It’s up to you to detail any capital gains, losses, and any crypto-related income. To keep things organized, you can use specialized software or consult tax professionals (like our team at TokenTax) to accurately record each trade, transfer, or sale in Trust Wallet.

Learn more: Does Trust Wallet Report to the IRS?

Can the IRS view my Trust Wallet transactions?

Even though Trust Wallet doesn’t report user activity, blockchain transactions are typically public. The IRS can use blockchain analytics tools to match wallet addresses to individuals. In some cases, they issue John Doe summonses to crypto companies to uncover users who might not be reporting income or gains. Make sure your records match all on-chain activity to stay on the right side of the law.

Trust Wallet itself doesn’t create formal tax statements for users, so you’ll need to assemble your own transaction data. Here’s a general outline:

1. Open Trust Wallet and pick the cryptocurrency you want to document.

2. Copy Your Wallet Address by hitting “Receive.”

3. Use a Blockchain Explorer (e.g., Etherscan for Ethereum or BscScan for Binance Smart Chain) and enter your copied address to pull up your transaction history.

4. Export Transactions as a CSV file from the explorer, if available.

You can import this CSV into a crypto tax tool like TokenTax. Our platform can also integrate with certain blockchains directly, letting you combine Trust Wallet data with other exchange or wallet transactions you might have.

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Using TokenTax makes reporting your Trust Wallet transactions fairly painless. Here’s a quick outline:

1. Identify Your Wallet Addresses

   : Gather all public addresses you use on Ethereum, Binance Smart Chain, or any other networks that Trust Wallet supports.

2. Export Transaction Data: Download your wallet’s transaction history via Etherscan, BscScan, or similar explorers.

3. Sign in to TokenTax: Go to the “Import Data” section within our platform.

4. Choose Your Integration Method: Either upload your CSV file(s) or sync your addresses directly, if supported.

5. Complete Your Tax Forms: Our system will automatically analyze each transaction to figure out gains, losses, or taxable income, producing all the forms you need.

Security is a major selling point for Trust Wallet, as it ensures you hold your own private keys. You can also add another layer of safety by connecting a hardware wallet like Ledger or Trezor.

Still, it’s crucial to keep your recovery phrase under wraps, maintain secure devices, and only use official Trust Wallet sources. If you spot suspicious links or get asked to share your seed phrase, don’t do it.

Since Trust Wallet doesn’t generate tax forms, you’ll be pulling your data from the relevant blockchains:

1. Locate Your Address: In Trust Wallet, find the address for each specific coin or token.

2. Search on a Blockchain Explorer: For Ethereum-based tokens, go to Etherscan; for Binance-based tokens, use BscScan (or a similar site).

3. Review Transaction History: You’ll see a list of every incoming and outgoing transfer.

4. Export as CSV: Save that list for tax time so that you can calculate cost basis, proceeds, and potential gains or losses.

Use our free crypto tax calculator.

Trust Wallet taxes FAQs

Does Trust Wallet send tax forms?

No. Since Trust Wallet is a non-custodial tool, it doesn’t issue tax documents like a Form 1099. Maintaining accurate records, figuring out any profits, and adding those details to your return are all part of your responsibility.

Will Trust Wallet send me a 1099 Form?

It won’t. Trust Wallet isn’t designed to handle user funds on your behalf, so it lacks the capacity to generate 1099 forms. In the U.S., 1099s generally come from centralized exchanges that look after your assets and can see your complete trading history. In a non-custodial setup, record-keeping is entirely in your hands.

Is Trust Wallet an exchange?

No. Trust Wallet is a self-custody wallet that allows you to store cryptocurrencies and interact with decentralized apps (DApps). While you can swap tokens within the app using integrated decentralized exchanges (DEXs), it isn’t a centralized exchange. You keep full control over your private keys and funds.

Does Trust Wallet require KYC?

No. Trust Wallet does not ask for Know Your Customer (KYC) documentation. Because it’s a decentralized platform and never actually holds your funds, you aren’t required to upload personal IDs or complete additional forms of verification.

Is Trust Wallet decentralized?

Yes, Trust Wallet operates on decentralized principles. As a non-custodial wallet, it prioritizes decentralization by ensuring users control their private keys and funds. This aligns with the ethos of blockchain technology and provides users with a secure and autonomous platform for managing their digital assets.

Do crypto wallets have tax forms?

Cryptocurrency wallets, including Trust Wallet, typically do not issue specific tax forms like 1099. The responsibility for tax reporting lies with the user. Trust Wallet users can leverage tools like TokenTax to simplify the tax reporting process.

While Trust Wallet itself doesn't provide tax documents, third-party integrations like ours at TokenTax offer seamless solutions for users to report their cryptocurrency transactions accurately to tax authorities.