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Guide

Fomo App Taxes: How Meme Coin Trades on Fomo Are Taxed and How to Report Them

Do you owe tax on Fomo app trades? How swaps, perps and Apple Pay deposits are treated in the US, UK, Canada and Australia, and how to export trade history.

By FomoFamilyApp Editorial Team · Published · Updated · 3 min read

Trading on the Fomo Family app creates taxable events in most countries, and the fast, one-tap style of the app means many users rack up hundreds of them without realising. This guide explains the general rules and how to get your Fomo trade history into a tax tool. It is general information, not tax advice; rules differ by country and change often.

The basic rule

In the United States, United Kingdom, Canada, Australia and most of the EU, every disposal of a crypto asset is a taxable event. On Fomo that includes:

  • Selling a token for USDC or the native coin
  • Swapping one token directly for another
  • Closing a perps position at a profit or loss
  • Spending or sending tokens as payment

Buying a token with USDC is a disposal of USDC (usually with no gain), and buying with Apple Pay is not a taxable event until you later sell.

Deposits and withdrawals between your own wallets are transfers, not disposals, but you need records to prove it.

Country notes

United States

Gains are capital gains: short-term (held one year or less, taxed as ordinary income) or long-term. Almost all meme coin trades are short-term. Losses offset gains and up to $3,000 of ordinary income per year, with the rest carried forward. Fomo is not a broker issuing a 1099 for on-chain trades; you must self-report.

United Kingdom

Capital Gains Tax applies to disposals above the annual exempt amount. HMRC's share pooling rules (same-day, 30-day, section 104 pool) apply to tokens, which makes rapid in-and-out trading complex to compute by hand. Perps profits may be treated differently; take advice.

Canada

Disposals produce capital gains, of which a portion is taxable, unless the CRA views your activity as a business, in which case gains are fully taxable as income. Frequent, short-term trading increases that risk.

Australia

The ATO treats crypto as a CGT asset. Assets held over 12 months get a discount; meme coin trades rarely qualify. Records must be kept for five years.

How to get your Fomo trade history

Fomo has no public API, but you have two good options:

  1. Awaken integration. Fomo added tax tools via Awaken in January 2026. Connect your Fomo account inside the app's settings and Awaken imports trades, computes gains and produces reports for US and several other jurisdictions.
  2. Wallet address import. Your Fomo wallet is a normal on-chain address on each chain. Copy the address from the app and import it into Koinly, CoinTracker, CoinLedger or Awaken as a wallet. The tool reads every trade from the chain. Import each chain's address separately.

Do this at least quarterly. Reconstructing a year of meme coin trades in April is painful.

Perps and funding payments

Perps profits and losses are realised when you close a position. Funding payments received are usually income and payments made are usually deductible or added to cost, but treatment varies by country. Hyperliquid trade history is visible through your Fomo wallet's activity on the venue.

Fees reduce your gain

Fomo fees, DEX fees and gas can be added to the cost basis of a purchase or deducted from the proceeds of a sale in most jurisdictions. Tax tools handle this automatically if the transaction data includes fees.

Common mistakes

  • Assuming crypto-to-crypto swaps are tax-free. They are not in the countries above.
  • Ignoring tokens that went to zero. A worthless token may still need a disposal to claim the loss.
  • Mixing personal and Fomo wallet transfers without labels, which tools read as sales.
  • Waiting until the deadline to import a year of trades.

Frequently asked questions

Do I have to pay taxes on meme coin trades?

In most countries, yes. Each sale or swap is a taxable disposal, even if you never withdraw to a bank.

Does Fomo report my trades to the tax authority?

Fomo does not issue tax forms for on-chain trades as of our last check. You are responsible for reporting.

Can I deduct my losses?

Generally yes, against gains and, in some countries, against a limited amount of other income.

What is the easiest way to do Fomo taxes?

Connect Awaken in the app or import your wallet addresses into a crypto tax tool.