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.

on this page

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.

Phantom is a self-custody wallet, so doing your Phantom taxes works a little differently than on a centralized exchange. Whether you file by hand or use crypto tax software, it comes down to four steps:

Gather your full on-chain Phantom history: every trade, swap, deposit, withdrawal, and reward, across every network you used.
Sort your activity. Moving crypto between your own wallets is not taxable, but disposals (like swaps) and crypto that comes in as income (like staking rewards or airdrops) are.
Calculate your capital gain or loss on each disposal, plus the value of any crypto income at the time you received it.
Report it on the right forms. In the US, capital gains go on Form 8949 and Schedule D, and crypto income goes on Schedule 1. These forms get included with your full tax return. Other countries have their own equivalents.

For a detailed explainer on reporting crypto, see our guide on how to report your cryptocurrency on your taxes.

Because Phantom is a self-custody wallet, it gives you no formal tax forms and no finished tax report: everything lives on-chain, and reconstructing it is your responsibility. That is where crypto tax software comes in. CoinLedger reads your Phantom addresses, pulls in your full on-chain history, connects it to every other wallet and exchange you use, and generates your tax forms automatically. More than 700,000 investors use it to file in minutes. Get started with a free account today, or keep reading to do it yourself.

Do you have to pay taxes on Phantom?

Yes. Cryptocurrency is treated as property, so in the US and most other countries your Phantom activity is subject to two kinds of tax:

Capital gains tax. When you dispose of crypto (swapping one token for another, or selling it), you recognize a capital gain or loss based on how the price changed since you received it. Transferring crypto between wallets you own is not a disposal and is not taxable.
Income tax. When you earn crypto (through staking rewards or airdrops), you recognize ordinary income equal to its fair market value at the time you received it.

For a full breakdown, read our complete guide to cryptocurrency taxes.

How is Solana staking taxed?

Staking rewards you earn in Phantom are ordinary income at their fair market value on the day you receive them. That value also becomes your cost basis, so when you later sell or swap those tokens, you recognize a capital gain or loss based on how the price moved in the meantime.

How are NFTs taxed?

NFTs are taxed like other crypto. Buying an NFT with crypto is a disposal of that crypto, so you recognize a capital gain or loss on it. Selling an NFT is also a disposal, with a gain or loss based on how its value changed since you acquired it. Note that some NFTs may be treated as collectibles, which can carry a higher long-term capital gains rate, so if you trade NFTs heavily it is worth confirming your treatment with a crypto tax professional.

What tax forms does Phantom provide?

None. Phantom is a self-custody wallet: it holds no personal information and does not act as a broker, so it does not issue Form 1099-DA, 1099-MISC, or 1099-B.

You may have read that this was about to change, including for wallets with a built-in swap like Phantom. It is not. The IRS rule that would have required decentralized platforms to report like brokers was repealed in April 2025, so no reporting requirement applies to self-custody wallets. (The separate rule requiring centralized exchanges to issue Form 1099-DA still stands, but it does not apply to non-custodial wallets, even ones with a built-in swap.) Reconstructing your history and self-reporting it remains your responsibility.

Does Phantom report to the IRS?

No. Because it is non-custodial and collects no personal information, Phantom does not report your activity to the IRS.

That does not make your activity invisible. Transactions on public blockchains like Solana are permanent and visible on-chain, and the IRS has worked with analytics firms such as Chainalysis to link wallet addresses to the people behind them, especially once funds touch a KYC exchange. And no reporting does not mean no tax: US persons owe tax on every disposal and all staking and airdrop income, and must self-report it whether or not anyone sends a form.

Why isn't my Phantom tax report accurate on its own?

Phantom only sees the activity tied to your Phantom addresses. Because investors move crypto across many wallets, chains, and exchanges, no single wallet can see the original cost basis of assets you moved in from somewhere else, so it cannot calculate your gains and losses correctly.

Example: why transfers break your cost basis

Nadia buys $1,000 of SOL on a centralized exchange. She transfers it to her Phantom wallet, and later, when the SOL is worth $1,500, swaps it for another token.

Phantom only sees the $1,500 swap, not the $1,000 Nadia originally paid. Without her cost basis, her $500 gain cannot be calculated correctly, and the full $1,500 could be treated as a gain.

The fix is to bring every wallet, chain, and exchange into one place so your cost basis follows your crypto everywhere it goes. That is exactly what crypto tax software like CoinLedger does.

How to file your Phantom taxes in minutes

Because Phantom is on-chain, CoinLedger imports your history directly from your wallet address. No API keys or file uploads are required.

In Phantom, tap the QR-code icon and select the network you want (for example Solana, Ethereum, or Bitcoin). Phantom copies that network's address to your clipboard.
In CoinLedger, go to Add Account, choose Phantom, and paste your address, then select the matching blockchain.
CoinLedger scans that address, detects the other chains it has been used on, and prompts you to import each one. Review the list and click Sync Transactions.

One thing to know: Phantom uses different address formats for Solana, EVM networks (Ethereum, Base, Polygon), and Bitcoin, so if you were active on more than one, add each address. CoinLedger auto-detects most of them from your first address. Full steps are in our Phantom wallet blockchain import guide.

Once your transactions are in, CoinLedger matches your transfers, calculates your gains, losses, and income, and produces a complete tax report. You can file it yourself, hand it to your tax professional, or import it into TurboTax, TaxAct, or H&R Block.

Get started with CoinLedger today

Take the stress out of tax season. More than 700,000 investors around the world use CoinLedger to track their gains, losses, and income across all of their wallets and exchanges.