Phantom Wallet Tax Guide 2025
Key takeaways
- Phantom Wallet transactions are not anonymous and needed to be reported on your annual tax return.
- Phantom Wallet does not have its own method for assisting users directly with their relevant transaction data for tax purposes.
- Crypto tax software like Crypto Tax Calculator can automate your Phantom Wallet tax calculations and reporting.
Phantom Wallet taxes have become a key area of interest for many crypto users over the past few years due to the massive increase in the popularity of both Phantom Wallet and trading on Solana.
Although it started as a crypto wallet focusing on Solana, Phantom Wallet has since branched to other crypto networks such as Bitcoin and Ethereum. These additional networks bring added functionality in terms of the DeFi applications Phantom Wallet users can use. And with that additional functionality comes additional complexity in terms of tax compliance.
In this guide, we’ll cover:
- Taxable events in Phantom Wallet
- How to calculate taxes for Phantom Wallet
- The best crypto tax software for Phantom Wallet
- How to use crypto tax software with Phantom Wallet
- How to get tax documents from Phantom Wallet
Taxable events in Phantom Wallet
Before looking at how Phantom Wallet taxation works, you first need to understand what type of transactions are considered taxable events. Not every transaction made via Phantom Wallet needs to be reported to your local tax agency, but generally any time you make a profit or income from crypto it will need to be reported.
How swaps are taxed in Phantom Wallet
Phantom Wallet allows users to swap crypto assets easily, both within the same network and across different blockchains. However, these swaps are considered taxable events in most jurisdictions.
Swaps are treated like any other crypto trade for tax purposes, meaning they are subject to capital gains tax. When you swap one crypto asset for another, you must track its cost basis and report any gains when you sell the new asset.
Even stablecoin swaps typically trigger taxable events, not just conversions to fiat currency.
How staking is taxed in Phantom Wallet
Phantom Wallet supports Solana (SOL) staking, enabling users to participate in the network and earn rewards in the form of newly minted SOL and transaction fees.
From a tax perspective, staking rewards are usually treated as income. Instead of making a profit through trading, stakers earn taxable income when they receive staking rewards. In most jurisdictions, the fair market value of the rewards at the time of receipt must be reported as income.
For more details, check out our full guide on crypto staking taxes.
How sending crypto is taxed in Phantom Wallet
Sending crypto may seem straightforward, but it can still have tax implications. Transferring crypto can be considered a taxable disposal, similar to selling an asset.
If you send crypto as payment for goods, services, or other exchanges, it is typically treated as a taxable sale. You must calculate capital gains or losses by comparing the asset’s original purchase price (cost basis) to its fair market value at the time of transfer.
However, transferring crypto between your own wallets is generally not a taxable event. Keeping accurate records of these transfers is still essential.
Due to regulatory uncertainties, even stablecoin transfers should be reported. Some stablecoins have experienced price fluctuations, which can result in taxable gains or losses.
How to calculate taxes for Phantom Wallet
How you calculate taxes depends on how often you transact and how complex your DeFi activities are. Since all transactions are recorded on the blockchain, you must track cost basis, gains, and taxable income. If you only make a few trades per year, you may be able to track taxes manually.
However, frequent DeFi users will likely need specialized tax software.
Using Crypto Tax Calculator can simplify the process. It automatically imports and categorizes Phantom Wallet transactions, ensuring accurate tax calculations and compliance with local laws.
The best crypto tax software for Phantom Wallet – Crypto Tax Calculator
We might be biased, but we think Crypto Tax Calculator is the best tax software for Phantom.
Crypto Tax Calculator is designed with DeFi users in mind, and can handle even the most complicated of portfolios and transaction types. Simply link your wallet address and it will automatically scan, categorize and calculate the tax owed on your transactions.
You can add as many accounts as you like from other on-chain wallets and centralised exchanges, streamlining the tax process and saving you a headache.
CTC generates tax reports that comply with the requirements of numerous tax authorities, including the IRS, HMRC, ATO, CRA, and many more.
But don’t just take our word for it. Crypto Tax Calculator has a 4.8-star rating on Trustpilot, with countless positive reviews.
How to do your Phantom Wallet taxes with Crypto Tax Calculator
To do your Phantom Wallet taxes with Crypto Tax Calculator, all you need to do is find the public blockchain addresses used in your wallet and paste it into Crypto Tax Calculator. Our software will do the rest!
Get started:
When using crypto tax software, you’ll want to import all of your crypto activity from every wallet and exchange that you use, not just Phantom Wallet. This will help you get a full picture of your crypto tax situation. While there are automated processes for importing transaction data from most exchanges, importing data from Phantom Wallet will be done manually by adding the relevant public blockchain addresses.
Once you’ve important all of your data, you may be met with errors or discrepancies that you’ll need to clarify. In most cases, the review process will involve simply making sure that you’ve imported all of your exchange and wallet data.
Once you’ve imported all of your crypto activity, you can generate a full report that will calculate exactly what you owe based on your transactions and jurisdiction.
For more details on how to get started with Crypto Tax Calculator, check out our guide for beginners who have not used this sort of advanced crypto tax software before.
How to get Phantom Wallet tax documents
Phantom Wallet does not collect tax information regarding its users or provide relevant documents to be downloaded.
Unfortunately, this means there is no easy way to download your account’s entire transaction history with the simple click of a button.
Instead, Phantom Wallet users must get their tax information by importing their wallet into crypto tax software like Crypto Tax Calculator or use blockchain explorers to manually download their transaction histories from the crypto networks they used that year.
Here is how that process works in Phantom Wallet, using the Solana network as an example:
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Open Phantom Wallet
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Click the Receive button
- On the next page, copy the addresses for blockchain networks you’ve used.
- Open a relevant block explorer. For Solana, this would be Solscan. Paste the blockchain address into the search bar on the homepage of the block explorer and press Enter.
- On the page for that particular address, navigate to where you can download or export the transaction data associated with this particular blockchain address in a .CSV file. On Solscan, this will be found in the Transfers tab at the top right of the list of transfers.
Note: You will have to repeat this process for each blockchain address in every account found in your Phantom Wallet to get all of the data downloaded. Additionally, the exact process for downloading the .CSV file will depend on that particular block explorer being used.
Of course, if you’re just trying to import your transaction data into Crypto Tax Calculator anyway, then you can simply paste the blockchain addresses into the crypto tax software after choosing Phantom Wallet as your wallet during the import process.
Does Phantom Wallet report to the IRS?
Phantom Wallet is only software and does not have custody of user funds, so they have no obligation to report your transactions to the IRS. That said, it’s important to remember that transactions on public blockchain networks on Ethereum and Solana are easily viewable to anyone on the internet. While there may not be a real-world identity tied to a crypto network address, the reality is it can be relatively easy for an entity with the resources of the IRS to track your activity.
It should also be noted that DeFi applications and wallet providers could eventually be required to report user data to the IRS, depending on the direction crypto regulation goes in the U.S. in the coming years. Additionally, any interactions with centralized crypto institutions, such as Coinbase or another exchange, will make it relatively easy for the IRS and other tax agencies to connect your real-world identity to your wallet addresses.
So, while Phantom Wallet does not report to the IRS for tax purposes, it’s still best to follow the letter of the law when it comes to your crypto tax obligations. Sources
