How to file your JizzLord taxes with Koinly
JizzLord (JIZLRD) is a trending memecoin built on the Solana blockchain - but even your memecoin gains are taxable. Don’t worry, Koinly can help you calculate taxes for JIZLRD and thousands of other tokens. Here’s how.
Sign up to Koinly and choose your country and currency.
Connect Solana with Koinly to import all your trades safely and securely - including tokens like JIZLRD.
Koinly identifies the cost basis of all your coins and tokens, as well as your taxable transactions.
Koinly calculates any capital gains, losses, and income from your taxable transactions.
Koinly generates your crypto tax report - ready to help you file with your tax office, or hand it over to your accountant.
Read next: What is JizzLord crypto?
How are JizzLord tokens taxed?
The joke might be hilarious - but your tax bill won't be. If you've got gains or income from your memecoins like JizzLord, you'll still be liable for a tax bill. It varies a little depending on where you live - - so check out our crypto tax guides - bu you'll generally pay Capital Gains Tax or Income Tax on your JIZLRD transactions.
Capital Gains Tax: Sold or traded JizzLord tokens and made a gain? Capital Gains Tax.
Income Tax: Earned new JizzLord tokens? Income Tax upon receipt based on the FMV of your tokens in your fiat currency. This potentially also includes JizzLord airdrops depending on the rules where you live.
Can the IRS track memecoins?
So, can the IRS track crypto? Yes, the IRS can track all crypto transactions, and that means the IRS can track your memecoins too.
Your transactions are on the Solana public ledger. Anyone, the IRS included, can view these transactions and wallets - all the IRS needs to do is link you to a given wallet, and last year they hired experts to do this. As well as this, if you've traded centralized exchanges, many of these exchanges share data with the IRS in order to remain operationally compliant in the US.
To avoid an audit or crypto tax penalties, you should report your gains and income from crypto investments - including memecoins like JizzLord tokens - accurately.
How to get JizzLord tax documents
Most tax authorities worldwide require you to report your gains, losses, and income from crypto investments in your annual tax return.
Before doing this, you must identify your taxable transactions, determine the applicable tax, and calculate the gain, loss, or fair market value of any income. This needs to be done for every type of crypto you hold, including memecoins, stablecoins, and others cryptocurrencies.
Because of this, many investors use a crypto tax calculator like Koinly to save hours of work. Koinly can compute your gains, losses, and income for thousands of tokens - including Solana tokens like JizzLord. Simply connect Solana to Koinly, and here's how.
How to import JizzLord transactions to Koinly automatically
To import your JizzLord transactions into Koinly, you’ll need to connect each Solana wallet you use to Koinly. All you need is your public address - but remember, you'll need to do this for every Solana wallet you've transacted with, as well as any centralized exchanges you've used.
You can find steps on how to connect a variety of popular wallets to Koinly on our integration pages, but here’s an example of how it generally works.
In your wallet
Open or log in to your wallet
Select Solana
Copy your public address
On Koinly
Sign up or log in to your Koinly account and go to the wallets page
Search for and select Solana
Give your wallet a name
Paste your public address
Important
Remember, you’ll need to do this for every wallet you use to interact with Solana tokens in order to calculate your crypto taxes correctly, as well as connect any centralized exchanges you've used via API or CSV.
It’s really helpful to name your wallets when you’re adding them to Koinly - you'll be able to find transactions more easily later on!
You may also be able to upload your transaction history to Koinly as a CSV file instead of connecting using your public address if you prefer, but this depends on the wallet you’re using. You can search for your wallet on our integration pages to find out more about how to get a CSV file from your wallet.
