Using this method, you will be able to create your Exodus Wallet tax documents and report cryptocurrency tax. Exodus Wallet transactions, mining, and financings all have tax consequences. Use this tutorial to learn more about them. You can get a tailored Exodus Wallet statement from your Exodus Wallet transaction history within minutes using Accointing, a cryptocurrency tax program.
What is Exodus Wallet?
Exodus Wallet is a multi-asset wallet that is easy to use on desktop, mobile devices, and hardware devices. It gives you access to more than 150 assets on seven different blockchains. The wallet has a lot of features that make it an excellent choice for anyone, but it is especially good for people who are just starting with cryptocurrency.
How is Cryptocurrency Taxed?
Yes, there is a capital gains tax as well as an income tax on crypto income in the United States.
Cryptocurrency is referred to as "virtual currency" by the IRS. Whether it is Bitcoin (BTC), or Ethereum, every blockchain virtual currency is taxable for capital gains and income reasons.
- Capital gains tax - When an investor sells Bitcoin or a crypto investment for a profit, he or she is subject to capital gains tax. The tax is levied on the bottom line.
Example: You bought 100 shares for $10,000 but sold them for $50,000. You have made $40,000 gains. Your capital gains tax is levied on $40,000.
- Income tax - Individuals and corporations are taxed on the amount of money they earn or profit.
Examples of unearned income include - salaries and commissions, for example (interest, or dividends).
How Are Gas Fees Taxed?
All Ethereum transactions have a gas cost. Deducting gas costs depends on your transaction.
For instance, 1 ETH may cost $,1000, and the gas fee is $200. Now, the cost basis is $1,200. You finally sell your ETH for $2,000. The gas fee is $200. Add $6,200 to your base cost.
Does Exodus Wallet Report to the IRS?
Exodus Wallet is completely non-custodial, which means that all your assets are stored on your computer and cannot be accessed by anyone else. If you want to use Exodus, you do not have to give out any personal information like your name or address. As a result, Exodus was unable to report any information to IRS even if they chose to.
How Does Exodus Wallet Tax Reporting Work?
Tax reports for Exodus Wallet can be generated using Accointing's Exodus Wallet calculator and stock tracker. You can also study your Exodus Wallet tax report and transaction history to determine your Exodus Wallet taxes. Exodus Wallet must be linked, and transaction imported before Accointing is possible.
There are many ways to solve this issue:
- Automatic - Just provide your Exodus Wallet address and we will take care of the rest for you automatically.
- CSV - Export transaction history from Exodus wallet and import into Accointing
- Accointing templates - See our data entry form, complete it, and then send it back to us!
Integrate with Accointing Via the Exodus Wallet Address
- Exodus Wallet should be opened first
- Now, go to the Bitcoin wallet (BTC, BSV, or BCH Wallet)
- Then pick "Export Xpub" from the triple-dot option for Bitcoin-related wallets (BTC, BSV BCH, etc.)
- Look at the Path that was used to export your Keys; When you open the file, copy, and save the 1st Key (Xpub)
- Finally, enter your address and currency in Accointing.
- To import altcoins (addresses other than BTC), return to number 4 and select "View Private Keys" from the drop-down menu.
- Copy your address into Accointing, and you are good to go!
Integrate with Accointing Via the Exodus Wallet CSV/XLSX file
If you don’t want to link your Exodus wallet with Accointing directly, you can also do so by importing a CSV file containing your history of trades, withdrawals, and deposits. Here is a simple step to go about it.
Downloading CSV files from Exodus Wallet
- Click the icon for History
- Select portfolio
- Press the Menu button to:
- Export all transactions: Everything that was sent, received, and traded.
- Export sent: Just the ones that took money from your wallet.
- Received export: Only the ones that went through your wallet.
Importing CSV Files into Accointing
- Go to your profile on Accointing and click the "Add wallet" button to add a wallet.
- Use the drop-down menu to choose Exodus Wallet Pro.
- Click "Import a file", and next, click "Continue."
- Your wallet should be called "Exodus Wallet Pro," and you should choose your downloaded CSV file.
- Select "Import All" from the drop-down menu.
How to Review and Track Your Exodus Wallet Transactions in Accointing
- After you import Exodus Wallet transactions into Accointing, your portfolio report will display on the Accointing dashboard.
- To examine Exodus Wallet's financial performance, earnings, and losses, you must select the correct start and end dates.
- On multiple cryptocurrency assets, you can see your transaction dates more clearly. Comparing the performance of various assets at one go is another benefit.
- Transactions made in your Exodus Wallet investment portfolio can now be found in a single place. A bonus is to discover which cryptocurrencies and exchangers are holding assets.
Common Issues with Importing Transactions from Exodus Wallet
Exodus Wallet's basic design and excellent online assistance make it a standout. Because Exodus does not have specific fees for Ethereum as well as other altcoins, and because it is not open source, it has some drawbacks.