How to file your Book of Meme (BOME) taxes with Koinly
The Book of Meme (BOME) is a project launched on Solana that merges blockchain technology with internet culture, allowing users to mint and trade memes as NFTs. But if you have gains or income from BOME investments, you'll have a tax bill. Fortunately, Koinly can help you calculate gains, losses, income, and more for thousands of Solana tokens, including BOME.
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 BOME.
Koinly identifies the cost basis of your tokens and coins, 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.
How are BOME transactions taxed?
BOME tokens - like any other crypto - are taxable. The tax you'll pay depends on the rules where you live - so check out our crypto tax guides - but in general, two taxes can apply to your transactions:
Capital Gains Tax: If you sell or swap BOME tokens and make a gain, you'll pay Capital Gains Tax. Equally, if you have a loss, this can generally be offset against your gains to reduce your tax liability.
Income Tax: When you earn BOME tokens - such as staking rewards or even airdrops - you may need to pay Income Tax based on the fair market value of your tokens in fiat currency at the point you received them.
Remember, your NFTs - meme or no - are also taxable. Learn more in our NFT tax guide.
Can the IRS track my BOME tokens?
Solana - like other blockchains - is a public ledger. That means anyone, including the IRS, can view wallet addresses, transactions, holdings, and more. All the IRS needs to do is link you to a given wallet address - and they've hired experts recently to do just that.
As well as this, many centralized crypto exchanges collect KYC data and issue 1099 forms to both users and the IRS. Therefore, if you’re trading BOME on centralized exchanges, there's a chance the IRS is aware of your transactions already.
How to get BOME tax documents
Generally, you'll report any capital gains, losses, or income from crypto in your annual tax return. To do this, you need to calculate any gains or losses from selling, swapping, or spending BOME tokens (and any other crypto) as well as determine the fair market value of any BOME tokens on the day you received them in your fiat currency if they constitute income.
This can take hours of math and spreadsheets if you have many transactions, so many investors use a crypto tax calculator like Koinly.
Koinly can calculate your gains, losses, and income for thousands of Solana tokens, including BOME. Simply connect your Solana wallet to Koinly, and it will handle the rest. Here's how.
How to import BOME transactions to Koinly automatically
To import your BOME transactions into Koinly, you'll need to connect your Solana wallet to Koinly. You only need your public address to do this and Koinly can import your transaction data automatically. You'll need to do this with every wallet and exchange you use.
You can find steps on how to connect a variety of popular wallets like Phantom and Solflare 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 from the networks section
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 - for example - Phantom
Paste your public address
Important
Remember, you’ll need to do this for every wallet you use to interact with BOME tokens (and any other tokens) in order to calculate your crypto taxes correctly.
It’s really helpful to name your wallets when you’re adding them to Koinly. This can help you find any transactions you believe have errors later on much more easily!
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.
