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How to Report Your Xumm Taxes

Coinpanda integrates directly with Xumm to simplify your tax reporting. Learn how to calculate your taxes and generate all required tax documents for Xumm quickly.

API Import
CSV File Upload
Connect to Xumm

Supported transactions

To calculate your taxes accurately, you must import all transactions from Xumm to Coinpanda. Coinpanda supports the following transactions from Xumm today:

Tx TypeAPI importCSV file upload
Depositscheck solid greencheck solid green
Withdrawalscheck solid greencheck solid green
Tradescheck solid greencheck solid green
Airdrops/Rewardscheck solid greencheck solid green

How to connect Xumm 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 Xumm account to Coinpanda with API:

  1. Select Stellar (XLM) in the currency dropdown.
  2. Paste your public address.

How to connect Xumm with CSV

Follow these steps to export your transactions from Xumm:

  1. Log in to your account on Xumm
  2. Look for a page or button on Xumm to export a CSV file containing your transaction data
  3. Remember to export files for all your transactions:
    • deposits
    • withdrawals
    • trade history
    • interest payments
    • staking rewards
  4. Upload the CSV file(s) to Coinpanda

How are Xumm transactions taxed?

The exact tax implications on Xumm 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 Xumm.

  • 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 Xumm, 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 Xumm transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.

How do I file my Xumm taxes?

First, you must calculate capital gains and income from all taxable transactions from Xumm. 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 Xumm. 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 Xumm 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 Xumm taxes

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How do I troubleshoot the imported Xumm transactions to Coinpanda?

While we strive every day to ensure the highest possible accuracy for importing transactions from Xumm 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 Xumm API
  • Updated CSV file format
  • Xumm 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.

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Frequently asked questions

Does Xumm provide tax documents?

No, Xumm does not provide complete and ready-to-file tax documents. This is because Xumm does not have knowledge of your transactions on other exchanges, platforms, or self-custody wallets.

How do I get Xumm tax documents?

The easiest way to get tax documents and reports is to connect Xumm with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for Xumm.

Does Xumm provide financial or end-of-year statements?

No, Xumm 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 Xumm?

Yes, all transactions using Xumm 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 Xumm taxable?

No, transferring cryptocurrency to Xumm is not taxed as long as you transfer between your personal wallets or exchange accounts.

How do I avoid paying taxes on Xumm?

It is impossible to avoid paying taxes completely for Xumm 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.

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