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How to do your Trust wallet taxes & integrate Trust wallet with Accointing

Accointing's free tracker allows you to keep track of your Trust Wallet transactions and compute your Trust wallet taxes.
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Do you need help with Trust Wallet bitcoin tax forms? This guide covers Trust Wallet taxes. Depending on your company's Trust Wallet history, Accointing may help you prepare special tax returns swiftly. 

What is Trust wallet?

With Trust Wallet, users may store, transmit, receive, and stake over 1 million bitcoins and NFTs from their smartphones. Trust Wallet is user-friendly. New bitcoin users will like the simplicity, but a compromised account could cause problems.

How is cryptocurrency taxed?

Yes, cryptocurrency investors are subject to US income and capital gains taxes.

IRS calls cryptocurrency "virtual currency." All blockchain digital currency transactions are taxable. Whether Ethereum (ETH), Bitcoin (BTC), USDT, etc.

Capital gain tax - This is owed by investors who profit from the sale of their investments (crypto). The tax is for the gain of the sale.

Suppose you acquired $300 worth of bitcoin and sold it for $5,00. $200 profit. $200 capital gains tax is sought.

Income taxes - In the U.S., cryptocurrency profits or income are taxed.

Whether self-employed, employed, receiving subsidies, or utilizing bitcoin (BTC), you must pay income taxes. 

How are gas fees taxed? 

A gas fee is for every Ethereum transaction. A transaction's gas fee may or may not be deductible, based on the nature of the business.

Let us say $2000 Ethereum gas fee is $200. A $2,200 price tag is now in play. Your ETH finally sells at $3,000. The gas fee remains at $200. The total now becomes $3,400 expenditure for the transaction.

Does Trust wallet report to the IRS?

Trust Wallet does not send any kind of tax report or form to the Internal Revenue Service (IRS).

But since there is more pressure on cryptocurrency exchanges to be tax-compliant, Trust Wallet might make it easier to file automatic taxes by creating a report for you. 

How does Trust wallet tax reporting work?

This page discusses Trust wallet tax returns. Using Accointing's Trust wallet calculator, you may analyze and compute business records, taxes, and a tax return as required by your government.

Import your Trust wallet's transaction history into Accointing.

  • Automatic - All we require to get you started automatically is the URL of your Trust Wallet.
  • CSV - Export transaction history from Trust Wallet and import into Accointing
  • Templates - Sending us your personal information is as simple as filling out the template and submitting it to us. 

Integrate with Accointing via Trust wallet address

To integrate Trust Wallet with Accointing, you need to get your wallet addresses and public (XPUB) keys first.

  1. Find the "Settings" page located bottom right.
  2. Then click "Wallets".
  3. Now, click the "Info Sign".
  4. Next, "Export Public Keys of your Account."
  5. Choose the Public Key you need to import and copy it.

Getting your wallet addresses from your Trust wallet

To get the wallet addresses for your different blockchains, follow these three simple steps:

  1. First, click on the chain you would like to get the address for.
  2. Next, click on “Receive”.
  3. Finally, click on “Copy” to copy your wallet address.

Now that you have your address copied to the clipboard, continue on to the next section to learn how to enter it into our platform.

Entering your Trust wallet keys/addresses into Accointing

Once you have the XPUB keys and/or wallet addresses from your Trust wallet, you’re ready to connect them to Accointing.

You have two different options when creating that new wallet. The first option is to use the generic blockchain wallet for each chain you want to add. The second option is to create a new Trust wallet, which lets you connect to multiple chains without adding multiple wallets.

Notice: The mobile version of our app only lets you connect a single chain to a new Trust wallet. Therefore, to add multiple chains to the wallet, you must use the desktop browser app.

You may choose whichever option you like, but for this tutorial, we’ll use the Trust wallet import via our desktop web app. The following shows the steps needed to complete the process:

  1. Enter the coin type and address/key into the provided fields
  2. Add additional coins for each address in your trust wallet
  3. After adding all the coins, save the connection to finish connecting your Trust wallet.

Integrate with Accointing via the Trust wallet CSV/XLSX file

If you don’t want to link your Trust 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 Trust wallet

This feature is not available on Trust wallet. To export your transaction history in a CSV file, you either use any public explorer such as bscscan or etherscan, or manually construct a file with your deposits and withdrawals.

Importing CSV files into Accointing

  1. The "Add wallet" button is all you need to do to upload your wallet to your Accointing account.
  2. Using the drop-down, pick "Trust Pro" as the device to use.
  3. Once you have clicked "Import a file," press "Continue."
  4. Your CSV file has already been downloaded, so type "Trust Pro" as the wallet name.
  5. Click the option "Import All".
  6. Click "Save," and the data will be imported into your system. 

How to review and track your Trust wallet transactions in Accointing

  1. Using Accointing's dashboard, you may see an overview of all your transactions from your Trust wallet.
  2. Your Trust Wallet's performance will be most accurate when you give the start and end dates.
  3. A record of your Trust Wallet transaction will be kept for you to look back on. In addition, coordinating the execution of multiple assets at a time can be advantageous.
  4. As a result, you can now see all your Trust investments in one spot. Knowing which exchanger holds your valuable assets is an important aspect of your education.

Common issues with importing transactions from Trust wallet

  • There is no way to retrieve accounts that have been deleted through customer service: You can only get your wallet back if you know the 12-word code phrase.
  • Various cryptographic methods used by the application are not documented at all.
  • Web-based decentralized apps can only be accessed through the built-in web browser of Trust Wallet, which does not connect with mainstream mobile browsers.