Wallet tax guides
The starting point is the same for every wallet: the IRS treats crypto as property (Notice 2014-21), so disposing of it (selling, trading, or spending) creates a capital gain or loss, and earning it (staking, mining, airdrops, DeFi yield) creates ordinary income at fair market value on receipt. Where wallets diverge from exchanges is custody and reporting. A self-custody wallet like MetaMask never files a 1099 on your behalf, so the full burden of tracking basis, swaps, gas, bridges, and rewards falls on you. Every token swap is a taxable disposal, gas paid in ETH is itself a disposal of that ETH, and DeFi or NFT activity adds layers of basis and income that are easy to miss. Our wallet guides cover each of these honestly, including the conservative-versus-aggressive choices on the unsettled questions like gas-fee capitalization and wrapped-token swaps.
A printable, step-by-step guide and checklist to reconcile every coin and wallet, recover missing cost basis, and file accurately before the deadline.
We reconcile your full history across every wallet, coin, and protocol into clean, CPA-ready reports, with swaps, gas, DeFi, and NFTs handled correctly.
This page is educational and not tax, legal, or investment advice. Count On Sheep is not a CPA firm and does not file tax returns. Tax outcomes depend on your specific situation, consult a qualified professional before filing.
