#Exodus wallet for free#
#Exodus wallet how to#

Ordinary income tax: When you earn cryptocurrency, you’ll recognize ordinary income based on the fair market value of your crypto at the time you receive it. Examples of disposals include selling your cryptocurrency or trading it for another cryptocurrency.

Just like other cryptocurrency transactions conducted on other platforms, Exodus Wallet transactions are subject to capital gains and income tax.Ĭapital gains tax: When you dispose of cryptocurrency, you’ll incur a capital gain or loss depending on how the price of your crypto has changed since you originally received it. The wallet is currently available on mobile and desktop devices. Richardson and Daniel Castagnoni.Įxodus’s custodial wallet allows users to conduct peer-to-peer transactions in more than a hundred cryptocurrencies. What is Exodus Wallet?Įxodus is a decentralized exchange and wallet founded in 2015 by J.P.

#Exodus wallet how to#

We’ll also share a simple step-by-step process detailing how to report your Exodus transactions on your tax return in minutes. In this guide, we’ll break down everything you need to know about how Exodus Wallet transactions are taxed. Trying to report taxes on your cryptocurrency wallets can be difficult, especially if you have a large number of transactions or you’ve transferred your cryptocurrency between different platforms. Looking to report your Exodus Wallet transactions to the IRS? Learn more about how CoinLedger works here.

#Exodus wallet for free#

You can test out the software and generate a preview of your gains and losses completely for free by creating an account. How Does Cryptocurrency Tax Software Help?īy integrating with all of your cryptocurrency platforms and consolidating your crypto data, CoinLedger is able to track your profits, losses, and income and generate accurate tax reports in a matter of minutes. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of Exodus, Exodus can't provide complete gains, losses, and income tax information. The trouble with Exodus's reporting is that it only extends as far as the Exodus platform. Perhaps you also trade on Coinbase or earn interest from BlockFi. Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of Exodus.

If you are in the United States, you can learn which forms you need to fill out with our blog post: How to Report Cryptocurrency On Your Taxes. Once you have your calculations, you can fill out the necessary tax forms required by your country. To do your cryptocurrency taxes, you need to calculate your gains, losses, and income from your cryptocurrency investments in your home fiat currency (e.g. Just like these other forms of property, cryptocurrencies are subject to capital gains and losses rules, and you need to report your gains, losses, and income generated from your crypto investments on your taxes.įor a complete and in-depth overview, please refer to our Complete Guide to Cryptocurrency Taxes. Other forms of property that you may be familiar with include stocks, bonds, and real-estate. Cryptocurrencies like bitcoin are treated as property by many governments around the world-including the U.S.