Fomo crypto taxes: what the app tracks, and what it does not

fomo does not handle your taxes. Its Terms of Service say: "We do not collect, report, or remit any taxes for you." The app does keep a trade history and a profit and loss figure for every position, and every trade is recorded on a public blockchain. Here is where those records are, what fomo has and has not published, and what the IRS says counts as a taxable event.

Does fomo report your crypto taxes?

Not according to anything fomo publishes. Section 26 of its Terms of Service, dated 17 August 2026, reads: "You are solely responsible for determining what, if any, taxes apply to your digital asset transactions. We do not collect, report, or remit any taxes for you."

We also went through every collection in fomo's help center, including the Trading, Wallet and Account, and FAQ sections. There is no article on taxes, tax forms or yearly statements. fomo's own answers page on memecoin taxes, from February 2026, explains the basics and ends with a disclaimer that it is general information, not tax advice.

That leaves one open question we cannot answer for you: whether fomo will issue Form 1099-DA, the new form the IRS requires brokers to use for digital asset transactions. fomo has not said either way, so we will not guess. Plan your records as if no form will arrive, and treat a form as a bonus if one does.

What trade records does the fomo app keep?

More than many people expect. fomo's help center article on transaction history describes two places to look:

What fomo's documentation does not mention is any way to export that history as a file. If you trade often, the practical answer is to keep your own log as you go, or to screenshot the History screen at regular intervals, rather than trying to rebuild a year of memecoin trades in April.

How do you find your fomo trades on the blockchain?

Because the fomo wallet is a real on-chain wallet, every trade and transfer is public. fomo's help center says your account has two addresses, found under Profile, then Settings, then Account:

• One Solana address for everything on Solana.
• One EVM address shared across Base, BNB Chain, Monad, Ethereum and Robinhood Chain.

To look up a transaction, fomo's guide says to paste the address into the right block explorer, open the Transfers tab and match the entry by time, amount and token. The explorers it lists are solscan.io for Solana, basescan.org for Base, bscscan.com for BNB Chain, monad.socialscan.io for Monad, etherscan.io for Ethereum and robinhoodchain.blockscout.com for Robinhood Chain.

This matters for taxes because it is a complete, independent record that does not depend on the app. If you use crypto tax software, check whether it can import by public wallet address for each chain you traded on. More on how the account and its addresses work is in our fomo wallet guide.

Which fomo activity does the IRS list as taxable?

The IRS states that "for U.S. tax purposes, digital assets are considered property, not currency." On its digital assets page, it lists the situations where you should answer Yes to the digital asset question on your federal return. These are the ones that map onto things people do in the fomo app:

• Disposing of a digital asset "for another digital asset". fomo's own tax answer page makes the same point: a token-to-token swap counts.
• Disposing of a digital asset "for U.S. dollars or other currency", such as selling and withdrawing to a bank.
• Disposing of a digital asset "by paying a transfer fee with digital assets".

The same page lists situations where you can answer No, including when you only held digital assets, "purchased, but did not sell, digital assets using U.S. or other real currency", or moved them between wallets you own or control.

One fomo-specific detail is worth raising with whoever prepares your return. fomo's help center says card deposits land in your cash balance as USDC, and USDC is itself a digital asset. How the IRS rules apply to buying tokens out of that balance is a question for a tax professional, not for this site.

What records should you keep from fomo?

The IRS says to keep records of every "purchase, receipt, sale, exchange or any other disposition" of digital assets, along with their fair market value in U.S. dollars. fomo's answers page lists the same basics. A simple checklist for a fomo account:

1. Date and time of each buy and sell, the token and the chain.
2. The amount you paid and the amount you actually received. fomo notes that realized PnL is based on what you actually received (see how fomo calculates PnL), which can differ from the quoted price on volatile tokens.
3. Fees. fomo charges 0.50% per trade on most chains, tiered fees on small Solana orders and 0.05% on selected major tokens. On every chain except Solana you also pay the network fee on top. The full schedule is on our fomo fees page.
4. Deposits and withdrawals, from the Transfers and Cash filters on the History screen.
5. Your two wallet addresses, so you or your preparer can pull the on-chain record.

Small trades add up. fomo's own tax answer warns against "ignoring small trades" and "forgetting about token-to-token swaps", and an active fomo trading account can generate hundreds of entries in a year.

Does the way you trade on fomo change your records?

It changes how many you have. Fewer, larger trades mean fewer lines to reconcile, while many small Solana orders mean a long list of entries, each with its own fee. Our Solana trading guide shows how those fee tiers work, and our fomo trading tips include tracking your PnL as a habit from the first week.

Perpetual futures are a separate product that fomo does not offer to US persons, and fomo can require identity verification as a condition of using them. If you are outside the US, the rules where you live apply instead; see our fomo perps guide and the fomo KYC guide.

If you have not signed up yet, nothing about taxes depends on how you open the account. The one thing that does depend on timing is the fee discount: a referral link only attaches at sign-up, as our referral code page explains, and it lowers the fee on every trade you will later record. The full order of steps is in our sign-up guide.

Fomo tax questions