How do I connect my Omniwallet account to CoinTracker?
To add your Omniwallet transactions to CoinTracker:
Download the CSV export of your transactions from Omniwallet
Reformat those transactions into our CoinTracker CSV format (see our support guide here)
Import your CSV export to CoinTracker here
What is Omniwallet?
Omniwallet is a web-based, non-custodial Bitcoin and Omni Layer wallet that allows users to securely store, send, and manage BTC and Omni assets, including tokens such as Tether (USDT). As part of the Omni Layer protocol built on top of the Bitcoin blockchain, Omniwallet enables the management of both standard BTC transactions and token transfers recorded directly on the Bitcoin ledger. Users retain full control of their private keys.
Do I pay taxes on my Omniwallet transactions?
Yes. Any transaction where you sell, swap, or spend crypto using Omniwallet is considered a taxable event. You also need to report income from staking, token rewards, or airdrops when applicable. Since Omniwallet operates on the Bitcoin network, each transaction can trigger a capital gain or loss that must be reported for tax purposes.
Does Omniwallet report to the IRS?
No. Omniwallet is a decentralized, non-custodial platform and does not collect user data, perform KYC, or issue tax forms like 1099s. It does not report your activity to the IRS or other tax authorities. You are responsible for tracking and reporting your taxable transactions.
Can the IRS see my Omniwallet transactions?
Yes, potentially. While Omniwallet itself doesn't report to tax authorities, all Bitcoin and Omni Layer transactions are publicly recorded on the blockchain. This means they can be analyzed by blockchain forensics tools, especially if linked to centralized exchanges or identifiable accounts.
Does Omniwallet have tax documents?
No. Omniwallet doesn't provide tax forms or CSV transaction exports for all data types. However, you can connect your Bitcoin public addresses or Omni Layer token addresses to CoinTracker, which automatically imports your transaction history and generates complete tax documents.
How do I get tax forms from Omniwallet?
To get your tax forms, connect your Omniwallet to CoinTracker. CoinTracker imports your on-chain activity using your Bitcoin public addresses (and Omni Layer token data), calculates your gains, income, and transfers, and generates forms like Form 8949, Schedule D, or international equivalents.
How are Omni Layer tokens taxed?
Tokens built on the Omni Layer (such as early versions of Tether USDT) are treated as digital assets for tax purposes. Selling, swapping, or using these tokens triggers a taxable event, and receiving them as income or rewards may count as taxable income. CoinTracker automatically classifies and calculates these transactions for you.