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.
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.
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.
You can report your Phantom Wallet taxes manually or automatically.
If you wish to report your Phantom Wallet taxes manually, you’ll need records of the following information.
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.
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.
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.
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.
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:
For more information, check out our guide to DeFi taxes.
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.
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!