How to Do Your Moonshot Taxes

How To Do Your Moonshot Taxes

CoinLedger imports Moonshot data for easy tax reporting. Create the appropriate tax forms to submit to your tax authority.

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Moonshot Tax Reporting

You can generate your gains, losses, and income tax reports from your Moonshot investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below.

Moonshot exports a complete Transaction History file to all users. Simply navigate to your Moonshot account and download your transaction history from the platform.
Import your transaction history directly into CoinLedger. Import the file as is. No manual work is required!
CoinLedger automatically generates your gains, losses, and income tax reports based on this data.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Moonshot Tax Reporting

Moonshot supports importing data via read-only API. This allows automatic import capability so no manual work is required.
Connect CoinLedger to your Moonshot account with the read-only API.
Let CoinLedger import your data and automatically generate your gains, losses, and income tax reports.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Moonshot Tax Reporting

You can generate your gains, losses, and income tax reports from your Moonshot investing activity by connecting your account with CoinLedger. There are a couple different ways to connect your account and import your data:

Automatically sync your Moonshot account with CoinLedger via read-only API. This allows your transactions to be imported with the click of a button.
Upload your Moonshot Transaction History CSV file to CoinLedger. You can download your Transaction History CSV directly from Moonshot and import it into CoinLedger

Both methods will enable you to import your transaction history and generate your necessary crypto tax forms in minutes. File these forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Moonshot Tax Reporting

Automatically sync your Moonshot account with CoinLedger by entering your public wallet address. This allows your transactions to be read in directly from the blockchain.
Upload a Moonshot Transaction History CSV file to CoinLedger

Moonshot Tax Reporting

Navigate to your Moonshot account and find the option for downloading your complete transaction history.
Import your transaction history directly into CoinLedger by mapping the data into the preferred CSV file format.
CoinLedger automatically generates your gains, losses, and income tax reports based on this data.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

How Cryptocurrency Taxes Work

Cryptocurrencies like bitcoin are treated as property by many governments around the world—including the U.S. Other forms of property that you may be familiar with include stocks, bonds, and real-estate.

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.

For a complete and in-depth overview, please refer to our Complete Guide to Cryptocurrency Taxes.

How To Do Your Crypto Taxes

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. US Dollar, Australian Dollar, etc.).

Once you have your calculations, you can fill out the necessary tax forms required by your country. 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.

Why Can't Moonshot Generate My Tax Forms?

Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of Moonshot. Perhaps you also trade on Coinbase or earn interest from BlockFi. The trouble with Moonshot's reporting is that it only extends as far as the Moonshot platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of Moonshot, Moonshot can't provide complete gains, losses, and income tax information.

How Does Cryptocurrency Tax Software Help?

By integrating with all of your cryptocurrency platforms and consolidating your crypto data, CoinLedger’s cryptocurrency tax software and crypto portfolio tracker are able to track your profits, losses, income, and generate accurate tax reports in a matter of minutes.

You can test out the software and generate a preview of your gains and losses completely for free by creating an account.

Learn more about how CoinLedger works here.

How do I report my Moonshot taxes?

Want to report your Moonshot taxes? CoinLedger can help you finish the process in 4 easy steps.

1. Copy the Solana wallet address you used for your Moonshot transactions.

2. In the CoinLedger app, go to the Import step, and select ‘Solana’. You can also select the wallet you used such as Phantom.

3. Paste your Solana wallet address. Then click ‘Connect’. The platform will import your transactions from the blockchain and automatically calculate capital gains and income.

Once you’re done, you can import transactions from your other cryptocurrency platforms and generate a complete crypto tax report in minutes!

Get started with a free account today.

Do I need to pay taxes on Moonshot?

Cryptocurrency — on Moonshot and other platforms — is subject to capital gains and income tax.

At this time, Moonshot does not send tax forms to users. That means you are responsible for calculating and tracking your transactions and reporting your gains, losses, and income.

Can the IRS track Moonshot?

The IRS can track your Moonshot transactions.

Remember, transactions on Solana and other blockchains are publicly available. In the past, the IRS has used blockchain transaction data to identify ‘anonymous’ wallets and crack down on crypto tax fraud.

How is Moonshot taxed?

Disposing of crypto on Moonshot

Trading one cryptocurrency for another is considered a disposal of cryptocurrency. You’ll incur a capital gain or loss depending on how the price of the crypto you’re trading away has changed since you originally received it.

Liquidity earnings

Earning cryptocurrency from liquidity pools on Moonshot will likely be considered ordinary income subject to income tax. You’ll recognize income based on the fair market value of the crypto at the time you earned it.

In conclusion

To accurately report your Moonshot taxes, you’ll need complete records of your capital gains and income.

Crypto tax software like CoinLedger can help. Just connect the platform, import your transactions from hundreds of wallets and exchanges, and generate a complete tax report you can import to your tax software of choice!