How to do your crypto taxes

MetaMask Tax Hub is a new feature within MetaMask Portfolio, powered by Crypto Tax Calculator. Doing your crypto taxes is now fast, easy, and painless—you can generate a tax report in seconds. 

How to prepare your crypto taxes in MetaMask Tax Hub

1. Open MetaMask Portfolio and click on Tax Hub.

2. Connect your MetaMask wallet.

3. Choose your tax jurisdiction.

4. Connect any other wallets, exchanges, or crypto accounts you own.

5. Click Get report to generate a free tax estimate, or choose a plan to download a full tax report. 

MetaMask Tax Hub supports over 3,000 wallets, blockchains, exchanges, and DeFi protocols to give you a complete view of your tax obligations. Note: Investor and Trader plans include features that identify several tax savings measures, including a proprietary tax minimization algorithm, multiple inventory methods, a tax loss harvesting tool, and advanced tax reports. 

You can access unlimited account integrations and annual tax reports for 100+ countries, including previous tax years. We’re also offering a 30% discount to MetaMask users for all Crypto Tax Calculator plans. 

What to consider when preparing your tax information

There’s a lot to be aware of, but MetaMask Tax Hub can do much of the hard work for you by automatically categorizing transaction types, identifying gains and losses, and even uncovering opportunities to reduce your tax. Here's what you should also keep in mind when generating your reports:

• Local reporting requirements

  Tax laws and reporting standards vary depending on region. You'll need to ensure that your reports meet your local tax authority’s requirements. 

• Transaction types

   Correctly categorizing the type of transaction is extremely important to understand the tax you'll owe. For example, selling tokens usually results in capital gains, while rewards from staking are considered income. Capital gains and income are often taxed at different rates. 

• Fees

   Review your transaction fees, including gas, and report them on your tax form appropriately. In some regions, these fees may be used to offset your overall taxable income.

• Identifying losses and gains

   Calculate the net total of your overall gain or loss. If losses exceed gains, these may be used to offset gains in future tax years. 

• Income vs. capital gains

   Always pay attention to the differentiation between regular income and capital gains so that the correct tax rate is applied.

• Hacks, rug pulls, or scams

   If you’ve experienced losses from scams or theft, they may also be deductible, so record these events if relevant.

Thanks to MetaMask Tax Hub, you can take back your sanity. Head here to get started today, and generate your crypto tax report in one click. 

Need extra help? We got you. Check out our how to use MetaMask Tax Hub support guide.