# Phoenix Wallet Tax Guide: Lightning & On-Chain Cost Basis

> Track your Phoenix Wallet transactions for Bitcoin taxes. Free guide covers Lightning + on-chain cost basis with a native CSV import. Done in minutes.

Published 2025-11-20 at https://clams.tech/blog/phoenix-wallet-bitcoin-accounting-import-guide/

Looking to track your [Phoenix Wallet](https://phoenix.acinq.co/) transactions with Bitcoin-only accounting software for tax reporting? This guide walks you through importing Phoenix Wallet's CSV export into [Clams](/) using the native **Phoenix** connection. Clams understands Phoenix's export format directly, so there is no spreadsheet work or manual conversion. Export once from Phoenix, import, and track both Lightning and on-chain transactions with cost basis calculated deterministically from your own data.

## Why Import Phoenix Wallet Data to Clams?

Phoenix is a popular non-custodial mobile Bitcoin wallet that combines Lightning Network payments with on-chain support. When paired with Clams' Bitcoin-only accounting software, you get:

- **Deterministic cost basis** - Gains and losses calculated from your own transaction data, with ambiguous items flagged for review
- **Reports for tax season** - Export formatted reports to review with your accountant
- **Lightning precision** - Track down to the millisatoshi level
- **Privacy-first** - Your data stays on your device

## Before You Start

**What You'll Need:**
- Your Phoenix CSV export file
- [Clams](/downloads/) installed

If you have not set Clams up yet, install it and initialize your books:

```bash
curl -fsSL https://clams.tech/install.sh | sh
clams init
```

Note that importing wallet data and generating reports require a signed-in Clams user.

**Time Required:** A few minutes. Clams parses Phoenix's CSV natively, so there is nothing to convert by hand.

## A Note About On-Chain Deposit Addresses

Phoenix's CSV export does **not include the on-chain addresses** where you deposited funds. Without those addresses, Clams cannot match a deposit to one of your other wallets, so it treats the deposit as income.

**Why this matters:** If you funded your Phoenix wallet from another wallet (like an exchange or hardware wallet), Clams can only recognize it as a transfer if it can see both sides. The most reliable way to get accurate transfer detection is to connect your other wallets to Clams (via Xpub or Descriptor) so Clams sees the matching outgoing transaction. Your balance is correct either way; this only affects whether a deposit is labeled as a transfer or as income.

## Export Your Phoenix CSV

First, export your transaction history from Phoenix Wallet. Follow these steps:

1. Click **full payment history** at the bottom of home screen:

<picture>
  <source srcset="./phoenix-export-1-400w.webp 400w,
                  ./phoenix-export-1-750w.webp 750w"
          sizes="(max-width: 768px) 100vw, 350px"
          type="image/webp">
  <img src="./phoenix-export-1.png" alt="Phoenix wallet home screen with the full payment history button at the bottom" style="max-width: 350px;">
</picture>

2. Click export icon at top right of the next screen:

<picture>
  <source srcset="./phoenix-export-2-400w.webp 400w,
                  ./phoenix-export-2-750w.webp 750w"
          sizes="(max-width: 768px) 100vw, 350px"
          type="image/webp">
  <img src="./phoenix-export-2.png" alt="Phoenix payment history screen with the export icon at the top right" style="max-width: 350px;">
</picture>

3. Click **export** button at bottom of the next screen:

<picture>
  <source srcset="./phoenix-export-3-400w.webp 400w,
                  ./phoenix-export-3-750w.webp 750w"
          sizes="(max-width: 768px) 100vw, 350px"
          type="image/webp">
  <img src="./phoenix-export-3.png" alt="Phoenix export options screen with the export button at the bottom" style="max-width: 350px;">
</picture>

Save the exported file somewhere you can find it from the terminal (the examples below assume `phoenix.csv` in your current directory).

## Import to Clams

Create a Phoenix connection, then import the CSV you exported. Clams handles the Phoenix format natively, so you point it straight at the raw export:

```bash
clams connections create --label phoenix --kind Phoenix

clams connections import phoenix \
  --input-format csv \
  --file phoenix.csv

clams journals process
```

Clams parses each row, normalizes amounts and fees, and calculates cost basis using your selected accounting method (FIFO, LIFO, etc.). Re-imports are safe: rows are deduplicated by their canonical ID, so you can export again later and import the new file without creating duplicates.

## Understanding Your Balance

Phoenix tracks balance in millisatoshis internally but only displays whole satoshis. Your Clams balance may be 1 satoshi higher or lower than Phoenix shows.

While Phoenix is a non-custodial wallet (you control your keys), Clams will technically label it as a custodial wallet when you import it. This is intentional and perfectly fine.

Phoenix uses a technique called [splicing](https://acinq.co/blog/phoenix-splicing-update#more-predictability-and-more-control) where:
- On-chain receives are automatically converted into Lightning channel capacity
- On-chain sends reduce Lightning channel capacity (via splicing)

This creates a unique accounting challenge. Until we develop better splicing support in Clams, treating Phoenix as a custodial wallet is the most accurate way to handle these transactions.

## Pro Tips for Phoenix + Clams

### Regular Imports

Phoenix doesn't support continuous syncing like Xpub-based wallets. Plan to:
- Export and import monthly, quarterly, or before tax season
- Keep your CSV exports organized by date
- Re-run the import whenever you have a fresh export; duplicates are handled for you

### Improve Transfer Detection

To maximize transfer detection between Phoenix and your other wallets:
1. Connect your other wallets to Clams using Xpubs or Descriptors
2. Clams will automatically detect when Phoenix deposits came from those wallets and label them as transfers instead of income

### Multiple Phoenix Wallets

If you have multiple Phoenix wallets:
- Import each wallet's CSV under its own connection
- Use descriptive labels (e.g. `phoenix-old-phone`, `phoenix-current`)

## Next Steps

1. **Review imported transactions** for accuracy
2. **Set up additional wallet connections** to capture all your Bitcoin activity
3. **Configure your accounting method** (FIFO, LIFO) if you haven't already
4. **Generate tax reports** when needed:

```bash
clams reports capital-gains --format csv
```

## Keep your Phoenix taxes sorted

With your Phoenix history in Clams, a capital-gains report is one command. Clams calculates cost basis across your Lightning and on-chain transactions and exports audit-ready reports for tax season. New to Clams? [See how it works for individuals](/for-individuals/).

## Need Help?

Having trouble with your Phoenix import? We're here to help:
- Join our [Discord community](https://discord.gg/eWfHuJZVaB) for quick assistance
- Email us directly: support@clams.tech

**Common issues:**
- **Import fails:** Make sure you exported the complete history from Phoenix and pointed `--file` at the raw export
- **Missing transactions:** Ensure you exported the complete history from Phoenix
- **Deposits show as income:** Connect the wallet you funded Phoenix from so Clams can match the transfer

---

**About Phoenix Wallet:** Phoenix is a non-custodial, self-custodial Lightning wallet developed by [ACINQ](https://acinq.co/). It provides automated channel management, making [Lightning Network](https://lightning.network/how-it-works/) payments accessible to mobile users without technical complexity.

**About Clams:** [Clams](/) is purpose-built Bitcoin accounting software that provides accurate cost basis tracking and exports reports like capital gains for individuals, businesses and enterprises.