Xumm is an non custodial (un-hosted) wallet. Part of what we do is to provide you with a safe and easy way to access the XRP Ledger.
Since the XRPL is a global, decentralized blockchain, people from all over the world can use its features for things like airdrops, issuing tokens and buying/selling tokens on the XRPL's decentralized exchange.
Some of these features can incur tax obligations.
It is your responsibility to investigate and settle these tax obligations with your local government.
What are my options?
There are dozens of different tax software applications to choose from on the internet. Do your research and make sure that the one you choose supports your jurisdiction.
Tax Professional (Accountant)
Depending on local availability, you can hire a tax professional such as an accountant.
File your own taxes
Each country produces their own tax forms and have their own tax rules. It is up to you to know the rules for your jurisdiction and obtain the correct forms.
Which tax software do you recommend?
Unfortunately, we can not recommend any specific tax software. There are too many companies and applications related to tax preparation for us to stay current with them all.
Do you provide tax forms for my country?
We do not provide tax forms of any kind. It is just not possible for us to keep up with all of the world's tax forms.
My accountant / tax software needs a list of all of the trades for last year. How can I export the transactions from my XRP Ledger account?
Most people use the "Transaction Exporter" xApp in Xumm to do this.
In Xumm, you should be able to find it by pressing the "x√" button at the bottom of the screen, then selecting "View more xApps".
If it is not listed there, you can go here: https://xumm.app/detect/xapp:xrpl365.txexporter and scan the QR code with Xumm to access it.
The .CSV file I exported does not work with my tax software.
There are other utilities in the XRP community that will also allow you to export XRP Ledger accounts.
Gatehub has one such utility that may help.
To use it, go here: https://gatehub.net/explorer then enter your r-address and select the "Transactions" option, then press "Export CSV".
That did not help. It still does not work with my tax software.
You still have a couple of options:
- The Transaction Exporter xApp was actually created by one of the XRPL community developers known on Twitter as: https://twitter.com/xrpl365 (Chris) He is always happy to answer questions about Transaction Exporter and discuss feature requests. (If you are interested, you can view the code for the xApp here: https://github.com/xrpl365/tx-exporter)
- You can contact Gatehub and discuss the possibility of having them expand their export capabilities. (https://support.gatehub.net/hc/en-us)
- You can contact your tax software provider. Some companies offer a feature to configure your own manual mapping for alternative imports. They might also consider updating their software to support the .CSV output of either Transaction Exporter or Gatehub.
Please keep in mind, the XRPL is a public network. It is the single source of truth, and publicly accessible to everyone. The user interface/device used to interact with the XRP Ledger is irrelevant when it comes to fetching transaction information. You can always check your transaction history via a blockchain explorer such as Bithomp, XRPscan, etc.
We understand that you might have additional questions regarding this topic so you are welcome to contact us any time via the Xumm Support xApp in Xumm or you can simply scan this QR code with Xumm and be directed there automatically.