How to Do Trezor Crypto Taxes: Export the xpub and Import Every Account

Overview

Trezor was the first hardware wallet, and its design still sets the pattern: the private keys never leave the device, and everything you see on screen comes from Trezor Suite reading public blockchain data. That is good security and poor bookkeeping. When tax season arrives, nothing on the device can be exported, because the device never recorded anything.

What you need instead is the set of keys and addresses the Trezor controls, so that a tax tool can read each blockchain's history for them. For Bitcoin that means the extended public key, the xpub. For everything else it means one address per account, per network — and, if you use passphrases, per hidden wallet.

This article walks through where those things live in Trezor Suite and where hardware wallet users most often lose history without noticing.

The Device Stores Keys, Not History

A Trezor signs transactions. It does not keep them. Trezor Suite shows a transaction list, but it builds that list from public blockchain data every time it opens. Reset the device, restore it from the recovery seed on a new one, and the history is exactly the same, because it was never on the device.

Two consequences for tax:

There is no export from the hardware. Suite can export a transaction list per account, but it is per account, per coin, and it does not know that a withdrawal from your exchange and a deposit into the Trezor are the same coins. Tax software reads the chains directly instead.
A key is the only thing that matters. Give a tax tool the public key or address of an account and it can reconstruct everything that ever happened to it.

So the task is to identify every account the device controls and import each one.

Bitcoin: Where Trezor Suite Keeps the xpub

A Bitcoin account on a Trezor uses a new address for almost every transaction. Copy the address Suite shows you under Receive and you get the history of that one address — a fraction of the account. Why one Bitcoin address is almost never your full history explains the mechanism; the fix is the extended public key, which lets a tool derive every address in the account.

In Trezor Suite, open the Bitcoin account, open the account's menu (the three dots next to the account name), and choose to show the public key. The device asks you to confirm on its screen, then Suite displays the key with a QR code and a copy button. It is public — it cannot spend anything — but it does reveal your whole history to whoever holds it, so treat it like a bank statement, not like a password.

The key's prefix depends on the account type. Trezor Suite can create several Bitcoin account types, and each is a separate account with its own key:

Account type in Suite	Key starts with
Legacy	`xpub`
Legacy SegWit	`ypub`
SegWit	`zpub`
Taproot	shown as a descriptor

Import each account type you have actually used. Litecoin and Dogecoin accounts work the same way, with their own key prefixes.

Taproot accounts are the exception: Suite shows their key inside a longer descriptor string rather than as a plain xpub, and the import does not read that format today. If you have used a Taproot account, keep its history from a block explorer until support arrives.

Import a Trezor xpub

Everything Else: One Address per Account

For the other networks a Trezor can hold, the address is enough. Suite shows it under Receive for the account, and the same address holds the whole history.

Family	Networks
EVM	Ethereum, Polygon, Arbitrum One, Linea, Gnosis, Avalanche, Blast, Mantle, Sonic, Unichain, opBNB, Berachain, Taiko, World Chain
Bitcoin-style	Bitcoin, Litecoin, Dogecoin
Other	Solana, XRP Ledger, Cardano

The EVM networks share one 0x address per account. Suite shows an Ethereum account; that same address is also your Polygon, Arbitrum and Avalanche address if you ever used the Trezor through a wallet like MetaMask or Rabby on those networks. Import it once for each network you used.

Cardano is the clean case: a Trezor Cardano account has a stake address that groups every payment address it ever generated, so one import covers the account.

Accounts and Passphrases: Where History Hides

Two Trezor features create separate histories that people forget.

Multiple accounts. Suite lets you add Account #2, #3 and so on for any coin. Each is a different derivation path and therefore a different key and different addresses. The second Bitcoin account you made to keep a specific purchase separate is a separate history and needs its own import.

Passphrases. A passphrase on a Trezor does not unlock the same wallet; it creates a different one. Every distinct passphrase produces a completely separate set of keys with its own accounts and its own history. If you ever used a hidden wallet — even once, even by mistyping — its history is invisible from the standard wallet. Enter each passphrase you used, list its accounts, and import those too.

The accounts you have forgotten are, reliably, the ones holding an old purchase whose cost basis you now need.

Transfers Are Not Sales

Almost nobody buys crypto on a Trezor. They buy on an exchange and move it to the device. That transfer is not a disposal: you still own the coins. But the tax record needs both ends of it, because the transfer is the link between where an asset was bought and where it was later sold.

Import only the Trezor and the coins appear from nowhere with no cost. Import only the exchange and they leave and never return. Connect both, and the transfers match. How wallet transfers are treated goes into the UK position.

The same applies to moving coins between your own Trezor accounts, or from a standard wallet to a hidden one. Those are self-transfers, not events, but only if both sides are imported.

Fees and Consolidation

Hardware wallet users consolidate. They sweep small outputs together, move coins between account types when they upgrade from Legacy to SegWit, and pay a network fee each time. Each fee is a small disposal of the fee coin and an allowable cost against the gain on what you later sell — HMRC lists transaction fees for getting a transaction onto the ledger among allowable expenses, and most other jurisdictions reach the same answer. Whether gas fees are deductible covers the detail.

Moving from a Legacy account to a SegWit account on the same device is a transfer between your own accounts. It only looks like one if both accounts are imported.

Staking From a Trezor

Trezor Suite supports staking on several networks, including Ethereum and Cardano. Rewards are typically income when they arrive, valued in your local currency on that date, and the received coins carry that value as their cost basis. Cardano pays every epoch, so a year of staking is many small receipts rather than one. The import handles the dates; during review, check that rewards appear as income rather than as plain deposits.

Review staking rewards

A Trezor Import Checklist

Before generating a report, confirm:

Bitcoin, Litecoin and Dogecoin accounts are imported by extended public key, one per account type used;
every numbered account per coin is included, not only the first;
every passphrase-protected hidden wallet you ever used has been imported separately;
the EVM address is imported on each network you used it on;
the exchanges you bought from are connected, so transfers match;
staking rewards appear as income with dates;
junk tokens received on the EVM and Solana addresses have been reviewed and removed.

Conclusion

A Trezor is a keyring. Each key opens a separate history, and a passphrase opens a separate keyring. Your tax report needs all of them: the xpub for each Bitcoin-style account, an address for everything else, and the exchanges at the far end of your transfers. The device itself has nothing to give you, and that is the point of it.

If you also hold a Ledger, the same logic applies there, with Ledger Live in place of Trezor Suite.

Connect your wallets

Official Resources

This article provides general information and is not tax advice. Wallet software changes; where this article and your wallet's own documentation disagree, the wallet is right.