What is Trust Wallet?
Trust Wallet (i.e., Ethereum wallet) is a free non-custodial mobile wallet that can be used to buy, store, send, and receive cryptocurrency and non-fungible tokens (NFTs). It is considered a “hot” wallet because it is always directly connected to the internet. The app is very convenient and is available for both iOS and Android. While Trust Wallet is the official decentralized wallet of Binance, it is also fully compatible with dozens of other blockchains and supports over 1 million different cryptocurrencies.
Trust Wallet serves as a central hub for many activities on the blockchain. Users can easily swap one cryptocurrency for another, buy crypto with a credit card, store crypto on the blockchain, stake existing crypto to earn rewards, or collect NFTs using Trust wallet’s DApp browser. And if you use Trust Wallet exclusively, all your blockchain transaction history will be available in one place.
Does Trust Wallet Report to the IRS (Internal Revenue Service)?
The simple answer is that Trust Wallet does not currently report user information or activity to the IRS. While this sounds like great news on the surface, there are some downsides to it as well. On one hand, users can feel secure knowing that their information remains private. However, it also means that the responsibility to report income to the government falls squarely on the user. And unfortunately, Trust Wallet does not provide much information to users about their previous blockchain activity. As a result, each Trust wallet user must take it upon themselves to track their own activity for tax reporting purposes.
Will Trust Wallet Send Me a 1099 Form?
Trust Wallet does not provide any tax forms to its users. This means that you will not be receiving a 1099 form from Trust Wallet—or any other tax-related paperwork, for that matter. As a result, you will have to gather a complete history of your Trust Wallet transactions in order to calculate and file your taxes. While there are easier methods of tracking your activities for tax purposes (more discussion on that later), let’s run through the process of extracting your transaction history from Trust Wallet so that you know exactly what’s involved in the process.
How to Download Transaction History from Trust Wallet in 7 Steps
In order to prepare your taxes, you first need to access your transaction history on Trust Wallet. The process is not very intuitive, so let’s break it down step-by-step:
1. Open your Trust Wallet App
Find the Trust Wallet App on your smartphone and click the icon.
Image Source: Alphr
2. Select a Cryptocurrency
Click “DApps” and then select “PancakeSwap.”
3. Click to Connect
Select the “Connect” icon.
4. Select Your Trust Wallet Address
After Trust Wallet connects, click the icon located just to the left of the profile icon.
5. View on BscScan
Click “View on BscScan.”
6. Transaction History
View your Trust Wallet transaction history on the BscScan window.
You are now looking at your Trust Wallet transaction history!
7. Download Your Trust Wallet History
Scroll down to “Transactions” and click “Download CSV Export.”
Image Source: KnowledgeBase
Why is My Trust Wallet Transaction History Not Showing?
Although Trust Wallet is an easy and reliable app to use, there are occasionally situations where a user’s transaction history is missing. Typically, this results from unintentional user errors or temporary bugs in new software updates.
The average blockchain user has multiple wallet accounts, making it easy to mistakenly import the wrong wallet into Trust Wallet. Additionally, users sometimes use the wrong recovery phrase when trying to recover a wallet. It’s important to remember that each recovery phrase has its own unique wallet address.
If you run into a situation where your Trust Wallet transaction history is not showing up, the first thing you will want to do is make sure that you have imported the correct wallet and that you have used the right recovery phrase when trying to recover a wallet.
Connect Trust Wallet With Bitwave
It’s easy to connect a Trust Wallet to Bitwave contact your Bitwave Solutions team member for help.
Disclaimer: The information provided in this blog post is for general informational purposes only and should not be construed as tax, accounting, or financial advice. The content is not intended to address the specific needs of any individual or organization, and readers are encouraged to consult with a qualified tax, accounting, or financial professional before making any decisions based on the information provided. The author and the publisher of this blog post disclaim any liability, loss, or risk incurred as a consequence, directly or indirectly, of the use or application of any of the contents herein.
