Have you been receiving, sending, or holding crypto on Trezor? If yes, you may also need to calculate and report taxes for the transactions. Coinpanda can help you with calculating crypto tax for Trezor by following these steps:
Create a free account and add your Trezor addresses to Coinpanda safely and securely
Next, Coinpanda will import all your transactions from Trezor
Wait for Coinpanda to calculate capital gains for your Trezor transactions automatically
Download your Trezor tax report
File your Trezor taxes before the deadline
To calculate your taxes accurately, you must import all transactions from Trezor to Coinpanda. Coinpanda supports the following transactions from Trezor today:
CSV file upload
How to connect Trezor 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 Trezor account to Coinpanda with API:
For Bitcoin, Bitcoin Cash, Dash, Dogecoin, Litecoin, and Zcash wallets:
Select the relevant account, and navigate to the ‘Basic’ tab
Click on ‘Show XPUBs’
Add the xPub addresses to Coinpanda
For all other coins:
Select the coin you want to connect
Select ‘Receive’ to locate the public address
Add the address for each coin to Coinpanda
How to connect Trezor with CSV
Follow these steps to export your transactions from Trezor:
Log in to your Trezor wallet
Select the coin of your choice
Select the three dots icon next to search
Select ‘Export as CSV’
Repeat the previous steps for all coins you want to export a CSV file for
Upload the CSV file(s) to Coinpanda
The CSV file name format must be exactly like this: export-btc-1676980603421 or export-eth-1451271335767. You can export the CSV file for any currency, but the name must start with export-XXX where XXX is the coin symbol.
How are Trezor transactions taxed?
The exact tax implications on Trezor 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 Trezor.
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 Trezor, 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 Trezor transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my Trezor taxes?
First, you must calculate capital gains and income from all taxable transactions from Trezor. 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 Trezor. 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 Trezor 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.
How do I troubleshoot the imported Trezor transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from Trezor 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 Trezor API
Updated CSV file format
Trezor 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, Trezor does not provide complete and ready-to-file tax documents. This is because Trezor does not have knowledge of your transactions on other exchanges, platforms, or self-custody wallets.
How do I get Trezor tax documents?
The easiest way to get tax documents and reports is to connect Trezor with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for Trezor.
Does Trezor provide financial or end-of-year statements?
No, Trezor 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 Trezor?
Yes, all transactions using Trezor 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 Trezor taxable?
No, transferring cryptocurrency to Trezor is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on Trezor?
It is impossible to avoid paying taxes completely for Trezor 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.