Have you been receiving, sending, or holding crypto on MetaMask? If yes, you may also need to calculate and report taxes for the transactions. Coinpanda can help you with calculating crypto tax for MetaMask by following these steps:
Create a free account and add your MetaMask addresses to Coinpanda safely and securely
Next, Coinpanda will import all your transactions from MetaMask
Wait for Coinpanda to calculate capital gains for your MetaMask transactions automatically
Download your MetaMask tax report
File your MetaMask taxes before the deadline
To calculate your taxes accurately, you must import all transactions from MetaMask to Coinpanda. Coinpanda supports the following transactions from MetaMask today:
CSV file upload
Deposits and withdrawals
Smart contract executions
How to do your MetaMask taxes with Coinpanda
MetaMask is a popular cryptocurrency wallet that enables users to access and interact with the Web 3 ecosystem across some of the largest and most popular blockchains like Ethereum, Binance Smart Chain, Avalanche, and Polygon. You can easily receive, send and store tokens like ETH, BNB, and thousands of other ERC20 tokens from the same wallet inside your browser. With more than 5 million users, MetaMask has also become the number-one choice for both DeFi and NFT enthusiasts. If you have been using MetaMask before, Coinpanda is the perfect tax solution for you:
Add a MetaMask wallet and select the blockchain network of your choice (ETH, BNB, etc.)
Add your public address and wait for all transactions to be imported automatically
Coinpanda will import and categorize all transactions – DeFi and NFTs included
Wait for Coinpanda’s tax engine to complete all capital gains calculations
Header over to the Tax Reports section and download your tax reports
Next, we will look at how to connect your MetaMask wallet with Coinpanda in more detail.
How to connect MetaMask with API
We are only requesting view permissions. This does not give us access to your private keys or the ability to move your funds.
Follow these steps to add your MetaMask account to Coinpanda with API:
Open the MetaMask browser extension and log in
Select ‘Ethereum Mainnet’ from the dropdown at the top
Click the ‘copy’ icon below the account name to copy your public address
Add the public address to your MetaMask wallet on Coinpanda
Repeat the previous steps for all your wallet addresses if you have more than one ETH account
PS! From February 2023, you will be able to add multiple addresses to the same wallet on Coinpanda!
Due to the complexity of ETH and other EVM chains, we update the API integration for MetaMask every week. If you suspect one or more transactions were previously not imported correctly, we recommend deleting and reimporting all transactions, which should normally fix the issue.
If you still see a transaction not imported correctly, please reach out to us so that we can look into it. We can usually fix any import errors within a few days.
Supported MetaMask (EVM) blockchains
Coinpanda has direct integration with more than 43 EVM blockchains supported by MetaMask. To connect your MetaMask accounts from other blockchains, change the blockchain network in your MetaMask wallet to find your public addresses from other networks. You can select any of the 43 supported blockchains when adding a MetaMask wallet to your Coinpanda account.
Follow these steps to export your transactions from MetaMask:
Unfortunately, MetaMask does not allow exporting your transaction history as a CSV file. Because of this, the best solution is to import using API in most cases. If you still want to use file upload, you can try exporting a CSV file from any block explorer instead.
How are MetaMask transactions taxed?
The exact tax implications on MetaMask transactions depend on which country you live in and the type of transactions you have made. In general, you must pay either capital gains tax or income tax on your cryptocurrency transactions using MetaMask.
Capital gains tax: Whenever you sell a cryptocurrency for more than you purchased it for, you generate a capital gain. On the other hand, if you sell the cryptocurrency for less than you paid initially, you have a capital loss, which can offset other gains in most cases.
Income tax: Earned cryptocurrency using MetaMask, such as staking, interest, and airdrops, is typically seen as taxable income from a tax perspective and must be reported in your tax return.
To learn more about how MetaMask transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my MetaMask taxes?
First, you must calculate capital gains and income from all taxable transactions from MetaMask. When you have this information ready, you can report capital gains and income together with other forms of income such as employment and dividends in your annual tax return.
To calculate your capital gains, you must first export a complete history of all transactions made using MetaMask. Once you have this data, you can calculate your capital gains or losses by determining the price at which you bought the cryptocurrency (your cost basis) and the price at which you sold it (your proceeds). Luckily, Coinpanda can help you with this and generate ready-to-file tax forms quickly and easily.
After downloading your MetaMask tax statements from Coinpanda, the last step is to report the capital gains and income on your tax return before the deadline. Most countries allow you to self-declare taxes online in 2023, but you can also get help from a professional tax accountant to file taxes for you.
Calculate your MetaMask taxes
Sign up free today to calculate your MetaMask taxes
How do I troubleshoot the imported MetaMask transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from MetaMask to Coinpanda, it can happen that either not all transactions are imported or that some data is imported incorrectly. Some reasons for this can be:
Changes in the MetaMask API
Updated CSV file format
MetaMask does not provide a complete record of all transactions
To get the best help from Coinpanda support, you must first identify which transactions are missing or incorrectly imported. To do this, we recommend comparing your transaction history on any block explorer with the transactions imported into your Coinpanda account. See also our help article with an overview of known wallet API limitations.
The quickest way to get help from our dedicated support team is to send a message in the Live Chat.
No, MetaMask does not provide complete and ready-to-file tax documents. This is because MetaMask does not have knowledge of your transactions on other exchanges, platforms, or self-custody wallets.
How do I get MetaMask tax documents?
The easiest way to get tax documents and reports is to connect MetaMask with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for MetaMask.
Does MetaMask provide financial or end-of-year statements?
No, MetaMask does not provide a complete financial or end-of-year statement for your crypto transactions. However, you can get this using a crypto tax calculator.
Do I have to pay taxes for using MetaMask?
Yes, all transactions using MetaMask involving the disposal of a crypto asset are in most cases taxable. You must also pay income tax on earned crypto such as staking, airdrops, or interest.
Is transferring to MetaMask taxable?
No, transferring cryptocurrency to MetaMask is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on MetaMask?
It is impossible to avoid paying taxes completely for MetaMask legally if you live in a country that taxes cryptocurrency. However, there are several ways you can reduce your taxes, such as tax loss harvesting.