The Easiest Way to Report Trust Wallet Taxes in 2022
Over 25 million people use Trust Wallet to send and store their crypto. But many of them don’t know how to report their Trust Wallet taxes.
Does Trust Wallet report to the IRS? Does Trust Wallet provide tax forms? And the easiest way to report your Trust Wallet taxes. These are all the questions we’ll answer in this article. So stick around till the end.
What is Trust Wallet?
Founded by Viktor Radchenko in 2017, Trust wallet is known as the simplest and easiest to use crypto wallet. It supports more than 250,000 digital currencies and assets. You can store and send Bitcoins, Ethereums, other cryptocurrencies and even NFTs.
Does Trust Wallet Report to the IRS?
There’s a short answer and a long answer.
The short answer is yes, Trust Wallet does report to the IRS.
The long answer is that we don’t know how much they report to the IRS. The IRS has recently started cracking down on crypto tax dodgers. As a part of this process, they have started sending out letters and conducting more crypto tax audits.
However, in order for the IRS to know if you’re avoiding taxes and then to track you down, they need user data.
As of now, no Trust Wallet representative has come out and officially announced that they share customer data. But considering that it’s one of the most used crypto wallets in the country, they most likely do.
Does Trust Wallet Provide Tax Forms?
No, Trust Wallet doesn’t provide tax forms, and here’s what else they don’t provide – exporting transaction history in CSV and an end-of-year statement.
While Trust Wallet doesn’t provide these features, they do allow the option to download your transaction history or integrate your account with your choice of crypto tax software that automatically calculates your taxes, and creates a tax report for you.
Reporting Trust Wallet Taxes
There are two ways to report your taxes –
The DIY method – This method involves downloading your transaction history, doing all the calculations by yourself and reporting your trust wallet taxes on your tax return.
Not only is this a painfully frustrating and time-consuming task, but it also increases your risk of making mistakes and errors.
Bitcoin.Tax Method – This is the simplest method to report your trust wallet taxes. All you have to do is integrate your trust wallet account with Bitcoin.Tax. That’s it.
The software will automatically calculate all your capital gains and income taxes with your preferred accounting method and create a tax report for you.
Not only do you save yourself a lot of time and headache but lower any chance of errors by almost zero.
Check out Bitcoin.Tax for free.