How do I connect my Phantom account to CoinTracker?
Phantom browser extension
Open the Phantom browser extension
Hover over the account name at the top left
Copy the address of the wallet that you would like to import into CoinTracker
In CoinTracker, select the Blockchain that corresponds with the address you copied
Paste the copied wallet address into the Public address field in CoinTracker
Repeat these steps for any other blockchains that you've used with your Phantom wallet
Phantom mobile app
Open the Phantom mobile app
Select Receive
Copy the address of the blockchain you would like to import into CoinTracker
In CoinTracker, select the Blockchain that corresponds with the address you copied
Paste the copied wallet address into the Public address field in CoinTracker
Repeat these steps for any other blockchains that you've used with your Phantom wallet
What is Phantom Wallet?
Phantom is a non-custodial crypto wallet designed for the Solana blockchain. It allows users to store, send, receive, and swap SOL and SPL tokens, as well as manage NFTs. Phantom also supports staking SOL directly within the app and recently expanded to include Ethereum, Polygon, and Bitcoin networks, making it a multichain wallet for broader asset management.
Do I pay taxes on my Phantom Wallet transactions?
Yes. Like all crypto wallets, transactions performed in Phantom can be taxable. Selling, swapping, or spending crypto is a taxable event that may generate a capital gain or loss. Additionally, earning staking rewards or receiving airdrops in SOL or other tokens counts as taxable income.
Does Phantom Wallet report to the IRS?
No. Phantom does not require KYC verification and does not issue 1099 tax forms. It's a self-custody wallet, so it doesn't share user data with the IRS or other authorities. However, users are still responsible for reporting their taxable activity to comply with local tax regulations.
Can the IRS see my Phantom Wallet transactions?
Yes, potentially. Although Phantom doesn't directly report to the IRS, all Solana network transactions are recorded on a public blockchain. This means they can be viewed, traced, and analyzed by tax authorities or analytics tools if linked to identifiable accounts or exchanges.
Does Phantom Wallet have tax documents?
No. Phantom doesn't issue tax forms such as 1099s because it's not a centralized exchange. To get accurate tax reports, you need to use a crypto tax software like CoinTracker, which consolidates all on-chain activity into a comprehensive tax summary.
How do I get tax forms from Phantom Wallet?
You can generate your tax forms by connecting your Phantom Wallet to CoinTracker. The platform automatically pulls your Solana and other network transactions, tracks gains, and generates compliant forms like Form 8949 and Schedule D.
How are NFTs on Phantom Wallet taxed?
NFTs stored, traded, or sold using Phantom are subject to taxation under the same rules as other digital assets. Selling or swapping an NFT usually triggers a taxable event, while minting fees or receiving an NFT as income may create taxable income. Keeping accurate records of purchase prices and proceeds is essential.