CoinLedger and Phantom have partnered to bring free tax reporting to their users.
If you're a first-time CoinLedger user that signed up through Phantom, you'll receive free tax reporting for all of your Phantom-based transactions in 2024. This means that any transactions in your Phantom wallet will not count towards your billable transaction count for the 2024 tax year, significantly reducing the price of your tax report.
NOTE: This offer is limited to first-time users only, and only applies to the 2024 tax year. If you have used CoinLedger in the past, you will not be eligible for this promotion. If you already have an account with us, please follow these steps to import your Phantom wallets!
Step 1
From the Phantom website, navigate to the Taxes page and scroll down to CoinLedger. Then, press File Taxes.
Step 2
Next, you will be taken to the CoinLedger <> Phantom landing page. Press Sign Up or Get Started For Free to create your CoinLedger account!
Step 3
Complete the CoinLedger onboarding steps on your screen. You'll be asked to select your country and currency, and add each exchange, wallet and blockchain you have used to trade crypto over the years.
Step 4
Next, head over to your email inbox to verify your address. Once you've done so, you're ready to import your data and build your tax reports!
Step 5
On the Phantom tab you selected in CoinLedger, press Auto Import. Then, paste your Phantom Wallet addresses into the menu shown below. Once you have added each address you use on Phantom, press Sync Transactions. Your Phantom transactions will now be imported.
Step 6
Once you've imported all of your crypto transaction history, your tax reports will be auto-generated into your CoinLedger account. To access your tax reports, you'll have to purchase them first. To do so, head to the Tax Reports page and select the Tax Year you want to purchase a report for. Select Upgrade to Unlock anywhere on your screen.
As a Phantom user, it is completely free to report transactions from Phantom in 2024 on your taxes using CoinLedger. Your Phantom transactions will not count toward your total billable transaction count for the 2024 tax year. You'll only pay for transactions on other blockchains, wallets and exchanges.
To see how many transactions you're currently using for a given year and how many Phantom transactions are being deducted from your transaction count, head to the Tax Reports page and check out the Usage and Plan indicator on the right side of your screen. Then, hover over the question mark icon.
As you can see above, I have 399 billable transactions on my account, but my Phantom transactions have all been deducted from my billable transaction count. This leaves me with 40 billable transactions for 2024.
What’s considered a billable transaction?
Our pricing model is based on the number of billable transactions you make each tax season. This allows us to offer a pricing plan for everyone, from casual crypto investors to high volume traders. A billable transaction is considered any of the following:
Taxable capital gains transactions (such as buys, sells or crypto-to-crypto trades)
Taxable income transactions (income from mining, staking, interest, etc.)
Other transaction types such as transfers, payments our outgoing gifts
Transaction types which are NOT factored into the billable transaction count do NOT factor into your pricing plan. These are:
Non-taxable self-transfers such as deposits and withdrawals
Uncategorized transactions - excluded from report calculations until manually classified
Fees
Check out this guide to learn more about our pricing plans.