You can generate your gains, losses, and income tax reports from your Phantom investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below.
File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.
You can generate your gains, losses, and income tax reports from your Phantom investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below.
File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.
You can generate your gains, losses, and income tax reports from your Phantom investing activity by connecting your account with CoinLedger. There are a couple different ways to connect your account and import your data:
Both methods will enable you to import your transaction history and generate your necessary crypto tax forms in minutes. File these forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.
You can generate your gains, losses, and income tax reports from your Phantom investing activity by connecting your account with CoinLedger. There are a couple different ways to connect your account and import your data:
Both methods will enable you to import your transaction history and generate your necessary crypto tax forms in minutes. File these forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.
You can generate your gains, losses, and income tax reports from your Phantom investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below:
File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.
Cryptocurrencies like bitcoin are treated as property by many governments around the worldâincluding the U.S. Other forms of property that you may be familiar with include stocks, bonds, and real-estate.
Just like these other forms of property, cryptocurrencies are subject to capital gains and losses rules, and you need to report your gains, losses, and income generated from your crypto investments on your taxes.
For a complete and in-depth overview, please refer to our Complete Guide to Cryptocurrency Taxes.
To do your cryptocurrency taxes, you need to calculate your gains, losses, and income from your cryptocurrency investments in your home fiat currency (e.g. USÂ Dollar, Australian Dollar, etc.).
Once you have your calculations, you can fill out the necessary tax forms required by your country. If you are in the United States, you can learn which forms you need to fill out with our blog post: How to Report Cryptocurrency On Your Taxes.
Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of Phantom. Perhaps you also trade on Coinbase or earn interest from BlockFi. The trouble with Phantom's reporting is that it only extends as far as the Phantom platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of Phantom, Phantom can't provide complete gains, losses, and income tax information.
By integrating with all of your cryptocurrency platforms and consolidating your crypto data, CoinLedgerâs cryptocurrency tax software and crypto portfolio tracker are able to track your profits, losses, income, and generate accurate tax reports in a matter of minutes.
You can test out the software and generate a preview of your gains and losses completely for free by creating an account.
Learn more about how CoinLedger works here.
Looking for an easy way to report your Phantom Wallet taxes?Â
In this guide, weâll break down how your Phantom Wallet transactions are taxed and share a simple method to help you generate a complete crypto tax forms in minutes.Â
Thereâs two ways to report your Phantom Wallet taxes: manually or automatically.Â
If you wish to report your Phantom Wallet taxes manually, youâll need records of the following information.Â
To accurately report your taxes, youâll need these details for all of your crypto transactions â across all of your wallets and exchanges. If you havenât kept detailed records of your crypto transactions, you may have trouble filing your taxes manually.Â
Luckily, crypto tax software like CoinLedger can help you simplify crypto tax reporting. You can connect your cryptocurrency accounts and report your taxes in minutes.
CoinLedger can help you automatically import transactions from Phantom Wallet and other crypto platforms. Letâs walk through how it works.Â
1. Select your Phantom browser extension. Then, click the two-square icon on the right of the âAccountâ button at the top.Â
2. Click the two-square icon next to your Solana address to copy the relevant blockchain address.Â
3. Within your CoinLedger account, select Phantom from the list of supported sources.Â
4. Paste your wallet address into the wallet address form, then let CoinLedger import your transactions.
And thatâs it! Once youâre done, you can generate complete crypto tax forms with the click of a button.Â
If youâre interested in getting started, try CoinLedger for free.
Phantom is a popular software wallet built for the Solana blockchain. With a Phantom Wallet, you can earn Solana staking rewards, interact with DeFi protocols built on Solana, and even trade Solana NFTs!Â
Phantom is available as an app for the App Store and Google Play, as well as a browser extension for Google Chrome, FireFox, and Brave Browser.Â
In the United States and most other countries, cryptocurrency is subject to capital gains and income tax.Â
For more information, check out our ultimate guide to cryptocurrency taxes.Â
At this time, Phantom does not collect customer information and does not report to tax agencies like the IRS.Â
Itâs possible that this will change in the near future. Certain wallet providers will be required to issue 1099 forms to users and the IRS starting in 2027. Itâs likely that wallets with a built-in decentralized exchange â like Phantom Wallet â will be required to comply with these rules.Â
In addition, itâs important to note that transactions on the Solana blockchain are publicly visible and permanent. In the past, the IRS has worked with contractors like Chainalysis to analyze blockchain transactions and crack down on tax fraud.Â
Staking rewards earned on Phantom Wallet are considered income based on the fair market value of your crypto at the time of receipt. When you dispose of your staking rewards in the future, youâll incur a capital gain or loss depending on how its price has changed since you originally received it.Â
For more information, check out our guide to staking taxes.Â
At this time, the IRS has not put out guidance on how DeFi is taxed. However, we can reasonably assume the following based on previous guidance on cryptocurrency:Â
For more information, check out our guide to DeFi taxes.Â
NFTs are taxed similarly to other crypto-assets.Â
When you buy an NFT with cryptocurrency, youâll incur a capital gain or loss depending on how the price of your crypto has changed since you originally received it.Â
When you sell an NFT on your Phantom Wallet, youâll incur a capital gain or loss depending on how the price of your NFT has changed since you originally received it.
More than 500,000 investors around the world use CoinLedger to take the stress out of tax season. But donât take our word for it â try the platform out for free!Â
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Join 500,000 people instantly calculating their crypto taxes with CoinLedger.
