Solana might be the fastest blockchain in the world, but that doesn’t make doing your taxes any easier - or faster! We’re here to help though, with our comprehensive Solana tax guide and the Koinly crypto tax app your crypto taxes will be a breeze. While we’re not promising speeds as fast as the Solana blockchain, you’ll definitely save yourself a lot of time!
How to prepare Solana taxes
Looking for help with your Solana taxes? Since Solana is a borderless blockchain, there are several local tax authorities that are interested in Solana crypto activity. Regardless of where you live, your regional tax authority wants to know about all of your Solana transactions including your short and long-term capital gains, capital losses and any miscellaneous income from crypto investments. Ready to get started? You're going to need your Solana transaction history.
How to download Solana transaction history
There are two ways you can export your Solana trading and transaction history. You can either import your transaction history directly to a crypto tax app via API or download a CSV of your transaction history.
The first option is by far the easiest and fastest. Simply find your public address from the Solana wallet that you are using and add it to a crypto tax app - like Koinly. After connecting via API, your transaction history will automatically be imported to your chosen tax app.
Alternatively, if you choose to use the CSV method, you can access the wallet you are using to interact with Solana and follows the wallet’s instructions on exporting your transaction history as a CSV file.
Does Solana provide a tax report?
No, Solana does not provide a tax report. Solana taxes are notoriously difficult, especially if you use multiple wallets to interact with the blockchain. With no single source of transaction history, Solana cannot provide a unified tax report. That’s why a crypto tax app can be so useful, by connecting your various wallets to one app, your crypto taxes will be calculated for you and a tax report will be generated.
Does Solana supply a financial statement?
No, Solana does not supply a financial statement. But it is possible to use your Solana transaction history to create a financial statement that you can use for tax purposes.
Solana CSV export
You can export your Solana transaction in CSV format. You can either do this directly from the Solana wallet you're using or, if your wallet doesn't support CSV exports, you can use a Solana blockchain explorer that has CSV export functionality. We’ve got instructions on how to get a CSV file from a number of crypto wallets on our integration pages.
Solana tax API
Much easier than navigating multiple CSV files - use crypto tax software and connect via API. You can connect Solana directly using your public address and automatically fetch your Solana transaction history. To find your public address log in to the SOL wallet you are using and it should be readily available. We have instructions on how to do this for a variety of popular wallets on our integration pages.
Does Solana provide an end-of-year statement?
No, Solana does not provide you with an EOFY statement, but you can generate one using crypto tax software.
Does Solana report to the IRS?
No, Solana does not report directly to the IRS. But be aware that as one of the biggest and most popular cryptocurrencies it is definitely on the IRS’s radar - particularly for any staking activity. As staking is yet to be classified properly by the IRS, it is still treated like crypto mining. But, as the industry grows this is a constantly evolving situation.
Does Solana report to other tax authorities?
No, Solana does not report directly to any tax authorities. But you should be aware that as one of the biggest and most popular cryptocurrencies it is definitely on the radar of various regional tax authorities. And remember, if you are using multiple wallets and multiple exchanges, some of these may be reporting to tax authorities, even if Solana does not.
How to generate a Solana tax report
Ready to generate your Solana tax report? You can either take the long way and do it yourself or enlist the help of a crypto tax app to streamline the whole process.
Why don’t we recommend doing it yourself? Because it is a cumbersome process that is fraught with problems. If you’ve had a large number of transactions or trades across multiple Solana wallets, it can make calculating your taxes particularly difficult. You need to account for any time you made a capital gain or loss from selling, trading, spending or gifting crypto from each and every transaction. You also need to account for any additional income from crypto investments - like through mining, staking or airdrops.
Are you feeling overwhelmed yet? The easiest way to save yourself hours is to use a crypto tax app. Just use the Solana tax report API and your crypto tax app will calculate your Solana taxes for you and generate a pre-filled tax report based on your location - for example, the IRS Form 8949 and Schedule D or the ATO myTax report.
Koinly is the perfect Solana tax calculator tool! And if you’ve been trading across multiple wallets it makes your crypto taxes a breeze.
Not only can Koinly import Solana transaction history from multiple wallets, but Koinly also combines and calculates your Solana taxes in a format that makes sense for your country’s tax office.
Here’s just a quick look at what Koinly does:
- Imports all your trades including purchases, sales, swaps, and rewards.
- Converts your transactions into your country’s currency at fair market value (this in itself is a massive time saver).
- Deciphers which of your Solana trades are taxable and which are not.
- Helps you submit a clean and accurate report to your tax office.