How to file your BONK taxes with Koinly
Bonk (BONK) is a dog-themed memecoin on the Solana blockchain. It gained popularity thanks to its investor-friendly tokenomics, where more than 50% of the total supply was airdropped to the community. But if you have gains or income from Bonk investments, you'll have a tax bill. Don't worry, Koinly can help you calculate taxes for thousands of Solana tokens, including BONK.
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 BONK.
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 BONK transactions taxed?
Even though it's a memecoin - your gains and income from BONK are very much taxable. The tax you may pay depends on where you live - so make sure to read our crypto tax guides - but, generally speaking, two taxes could apply to your transactions:
Capital Gains Tax: If you sell or swap BONK tokens and make a gain, you'll pay Capital Gains Tax.
Income Tax: When you earn BONK tokens - such as staking rewards - 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.
Don't forget - if you have losses from your investments, you can generally offset these against any taxable gains to reduce your overall tax bill.
Can the IRS track my BONK tokens?
In a word, yes. Soalan is a public ledger, which means anyone, including the IRS, can view transactions. The IRS can link you to a specific wallet address, and they have hired experts to do this. Additionally, many centralized crypto exchanges collect KYC data and issue 1099 forms to both users and the IRS. Therefore, if you’re trading BONK on centralized exchanges, there's a chance the IRS is aware of your transactions already.
How to get BONK tax documents
Generally, you'll report any capital gains, losses, or income from crypto in your annual tax return. But before you do this, you'll need to calculate any gains or losses from selling, swapping, or spending BONK tokens (and any other crypto), as well as determine the fair market value of any BONK tokens on the day you received them in your fiat currency if you have income.
This process is time-consuming if you've got a lot of 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 BONK. Simply connect your Solana wallet to Koinly, and it will handle the rest. Here's how.
How to import BONK transactions to Koinly automatically
To import your BONK transactions into Koinly, you'll need to connect your Solana wallet to Koinly. You just need your public address to do this and Koinly does the rest automatically - although it's important to note you will need to do this for every wallet and exchange you use in order to calculate your taxes correctly.
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 Bonk 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.
