How to Do Your Phantom Taxes

How To Do Your Phantom Taxes

CoinLedger imports Phantom data for easy tax reporting. Create the appropriate tax forms to submit to your tax authority.

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Phantom Tax Reporting

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.

Phantom exports a complete Transaction History file to all users. Simply navigate to your Phantom account and download your transaction history from the platform.
Import your transaction history directly into CoinLedger. Import the file as is. No manual work is required!
CoinLedger automatically generates your gains, losses, and income tax reports based on this data.

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.

Phantom Tax Reporting

Phantom supports importing data via read-only API. This allows automatic import capability so no manual work is required.
Connect CoinLedger to your Phantom account with the read-only API.
Let CoinLedger import your data and automatically generate your gains, losses, and income tax reports.

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.

Phantom Tax Reporting

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:

Automatically sync your Phantom account with CoinLedger via read-only API. This allows your transactions to be imported with the click of a button.
Upload your Phantom Transaction History CSV file to CoinLedger. You can download your Transaction History CSV directly from Phantom and import it into CoinLedger

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.

Phantom Tax Reporting

Automatically sync your Phantom account with CoinLedger by entering your public wallet address. This allows your transactions to be read in directly from the blockchain.
Upload a Phantom Transaction History CSV file to CoinLedger

Phantom Tax Reporting

Navigate to your Phantom account and find the option for downloading your complete transaction history.
Import your transaction history directly into CoinLedger by mapping the data into the preferred CSV file format.
CoinLedger automatically generates your gains, losses, and income tax reports based on this data.

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.

How Cryptocurrency Taxes Work

Cryptocurrencies like bitcoin are treated as property by many governments around the world—including 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.

How To Do Your Crypto 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. US 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.

Why Can't Phantom Generate My Tax Forms?

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.

How Does Cryptocurrency Tax Software Help?

By integrating with all of your cryptocurrency platforms and consolidating your crypto data, CoinLedger’s 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?

In this guide, we’ll break down how your Phantom Wallet transactions are taxed and share a simple method to help you generate a complete crypto tax report in minutes.

What is Phantom Wallet?

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!

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.

How is cryptocurrency taxed?

In the United States and most other countries, cryptocurrency is subject to capital gains and income tax.

For more information, check out our ultimate guide to cryptocurrency taxes.

How to report your Phantom Wallet taxes

You can report your Phantom Wallet taxes manually or automatically.

How to report your Phantom Wallet taxes manually

If you wish to report your Phantom Wallet taxes manually, you’ll need records of the following information.

The date you originally acquired your crypto-asset
The date you sold or disposed of your crypto
Proceeds from the sale (how much you received for disposing of your crypto)
Your cost basis for purchasing the crypto-asset (how much you paid for acquiring your crypto)
Your gain or loss

If you haven’t kept records of your crypto transactions, reporting your Phantom Wallet transactions manually can be difficult.

Luckily, crypto tax software like CoinLedger can help you simplify crypto tax reporting.

How to report your Phantom Wallet taxes automatically

CoinLedger automatically pulls your Phantom Wallet transactions from the Solana blockchain with all the information you need to calculate your capital gains and income.

1. Select your Phantom browser extension.

2. Click the icon under your account name to copy your wallet address.

3. Within your CoinLedger account, select Solana from the list of supported sources.

4. Paste your wallet address into the wallet address form.

And that’s it! Once you’re done, you can generate a complete crypto tax report with the click of a button.

If you’re interested in getting started, try CoinLedger for free.

Does Phantom report to the IRS?

At this time, Phantom does not collect customer information and does not report to tax agencies like the IRS.

However, it’s 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.

How is cryptocurrency staking on Phantom taxed?

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, you’ll incur a capital gain or loss depending on how its price has changed since you originally received it.

For more information, check out our guide to staking taxes.

How is DeFi taxed?

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:

Crypto-to-crypto trades and other disposals are subject to capital gains tax
Income earned from DeFi is subject to income tax

For more information, check out our guide to DeFi taxes.

How are NFTs on Phantom taxed?

NFTs are taxed similarly to other crypto-assets.

When you buy an NFT with cryptocurrency, you’ll incur a capital gain or loss depending on how the price of your crypto has changed since you originally received it.

When you sell an NFT on your Phantom Wallet, you’ll incur a capital gain or loss depending on how the price of your NFT has changed since you originally received it.

For more information, check out our complete guide to NFT taxes.

Get started with CoinLedger

More than 300,000 investors around the world use CoinLedger to take the stress out of tax season. But don’t take our word for it — try the platform out for free!

‍Get started with a free account today.