How to Report MetaMask Taxes

Using MetaMask doesn’t mean you’re invisible to the tax office. If you trade, swap, stake, or interact with DeFi through MetaMask, you may have crypto tax obligations.

This guide explains how MetaMask taxes work in 2026, how to connect MetaMask to Blockstats, and how to review your transaction data before filing.

MetaMask tax guide 2026: Quick summary

Read next: How to calculate crypto tax in the U.S.

How to connect MetaMask and Blockstats: Step-by-Step guide

Blockstats simplifies MetaMask tax reporting with automated transaction imports and tax calculations. Here's how to connect your wallet:

Step 1: Create or log in to your Blockstats account

Visit Blockstats and sign up for an account. If you already have an account, log in directly.

Step 2: Go to the Wallets from the top menu and then Add Wallet/Exchanges

After logging in, go to the top menu and click Wallets, and then click on Add Wallet/Exchanges.

Step 3: Select MetaMask 

Select MetaMask from the integration list. 

Step 4: Enter your MetaMask Wallet Address

Enter Alise Name to recognize your wallet. Copy your MetaMask public wallet address and paste it into Blockstats. You can find your wallet address by opening MetaMask and clicking on your account name at the top.

Step 5: Click on the Connect button

Blockstats will import all your MetaMask transactions. This process can take a few minutes, depending on your transaction history. 

Review your transaction data in Blockstats

Once your MetaMask data is imported, Blockstats organizes and categorizes all your transactions automatically. The platform provides key features to ensure accuracy:

• Identify unlabeled transactions

• Detect missing cost basis

• Review token swaps and DeFi interactions

• Check NFT mints, sales, and transfers

• Validate balances across wallets
  
  

Blockstats flags inconsistencies early, before they turn into filing errors. This review step is critical. Incorrect labeling leads to incorrect tax reports.

Do I need to pay tax on MetaMask transactions?

Yes, most MetaMask transactions are taxable events in the United States. The IRS treats cryptocurrency as property, which means specific actions trigger tax obligations.

Taxable MetaMask activities:

Trading one crypto for another, e.g., swapping ETH for USDC creates a capital gain or loss. Selling crypto for fiat currency is also taxable. Using crypto to purchase goods, services, or NFTs triggers capital gains tax on any appreciation.

Earning crypto on MetaMask:

Staking rewards, liquidity pool earnings, and airdrops are taxed as ordinary income at their fair market value when received. You'll also owe capital gains tax when you later sell these earned tokens.

Non-taxable MetaMask activities:

Transferring crypto between your own wallets is not taxable. Buying crypto with fiat currency is also not a taxable event. However, you'll need records of these transactions for cost basis calculations later.

How are MetaMask gas fees taxed?

Gas fees paid in ETH or other native tokens are added to your cost basis for the transaction. This reduces your capital gains when you eventually sell.

For example, if you buy an NFT for 1 ETH and pay 0.05 ETH in gas fees, your total cost basis is 1.05 ETH. When you sell the NFT, this higher cost basis reduces your taxable gain.

Gas fees for failed transactions can be claimed as a capital loss, since you spent ETH but received nothing in return.

Does MetaMask report to the IRS?

MetaMask does not directly report your transactions to the IRS. MetaMask is a non-custodial wallet, meaning you control your private keys and the company doesn't track or report your activity.

However, this doesn't mean your MetaMask transactions are hidden from the IRS.

How the IRS tracks MetaMask activity:

All MetaMask transactions are recorded on public blockchains. The IRS uses blockchain analysis tools to trace wallet addresses and link them to individuals through exchange data, IP addresses, and other identifying information.

Centralized exchanges such as Coinbase and Kraken report user activity to the IRS via Form 1099. If you transfer funds between MetaMask and these exchanges, the IRS can connect your wallet address to your identity.

Starting in 2025, the IRS has expanded reporting requirements for crypto brokers and decentralized platforms. Enforcement is increasing, and failure to report can result in audits, penalties of up to 75% of unpaid taxes, and potential criminal charges.

Need help with MetaMask crypto taxes?

Having trouble with crypto tax?

• Visit our Help Centre 

• Reach out to us on Telegram or X (Twitter) 

• Email us at support@blockstats.app

What's the best crypto tax software for MetaMask?

Blockstats is a comprehensive crypto tax software built to monitor, analyze, and manage all your crypto activity. It offers a unified interface for diverse crypto holdings and transactions, supporting leading blockchain networks from both exchanges and self-custodial wallets such as MetaMask. The platform supports all major blockchain networks, including Ethereum, Polygon, Arbitrum, Base, and Binance Smart Chain.

Key features for MetaMask users:

Automatic transaction imports via wallet address across unlimited networks. Support for complex DeFi protocols, NFT trades, and multi-chain bridges. Real-time portfolio tracking with unrealized gains and losses monitoring.

Tax optimization tools:

Tax-loss harvesting suggestions to reduce your tax bill. Sell simulators to preview tax impact before executing trades. Support for multiple cost basis methods like FIFO, LIFO, and HIFO.

IRS-compliant reporting:

Pre-filled Form 8949 and Schedule D ready for filing. Detailed transaction reports with timestamps, cost basis, and proceeds. Audit trail documentation if the IRS requests supporting records.

Blockstats provides users with deep visibility and robust tracking capabilities for all their decentralized finance (DeFi) interactions, token swaps, NFT purchases, and general transaction history, making it an indispensable tool for anyone actively managing their crypto assets via a wallet like MetaMask. The software simplifies the complex multi-chain environment into a single, understandable dashboard.

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Frequently asked questions

Does MetaMask provide a tax report?

No, MetaMask does not provide tax reports. As a non-custodial wallet, MetaMask only facilitates transactions and doesn't track or calculate your tax obligations.

You'll need to use crypto tax software like Blockstats to generate tax reports from your MetaMask transaction history.

How do I get MetaMask tax documents?

MetaMask doesn't issue tax documents. To get tax documents, connect your MetaMask wallet address to Blockstats, which will import your transactions and generate all necessary IRS forms.

The software creates Form 8949, Schedule D, and comprehensive transaction reports suitable for tax filing and audits.

How do I get my tax info from MetaMask?

Export your MetaMask transaction history by connecting your wallet address to Blockstats. The crypto tax tool automatically pulls all your MetaMask transactions from the blockchain and calculates your tax liability.

You can manually export transaction data from blockchain explorers like Etherscan, but this requires significant manual work to categorize and calculate taxes.

Does MetaMask supply a financial statement?

No, MetaMask does not provide financial statements or account summaries. The wallet only displays your current balances and recent transaction history.

For comprehensive financial statements, including cost basis, realized gains, and income summaries, use Blockstats to generate detailed reports from your wallet activity.

Can the tax authorities see my MetaMask transactions?

Yes, tax authorities can see your MetaMask transactions. All MetaMask activity is recorded on public blockchains that anyone can view, including the IRS.

The IRS uses blockchain analysis software to track wallet addresses and connect them to individuals through exchange data and other sources. Failing to report MetaMask transactions can lead to audits and penalties.

Does MetaMask provide a 1099?

MetaMask does not provide Form 1099 or any other tax forms. Only centralized exchanges and custodial platforms are required to issue 1099 forms.

However, you still must report all MetaMask transactions to the IRS even without receiving a 1099. Use Blockstats to calculate your gains and generate the required tax forms.

Do you have to report crypto under $600 in the USA?

You must report all cryptocurrency transactions to the IRS, regardless of amount. The $600 threshold only determines whether exchanges must issue a 1099 form to you.

Even if your MetaMask transactions total less than $600, you're required to report capital gains and losses on your tax return. Failure to report any amount can result in penalties and interest charges.