How to file your Dogwifhat (WIF) taxes with Koinly
Dogwifhat (WIF) is a Solana memecoin inspired by a popular meme featuring a Shiba Inu puppy wearing a pink beanie. Although it only launched in late 2023, it has quickly gained traction in the memecoin market with strong community support. Despite the jovial nature though - you'll still have a tax bill if you have gains or income from WIF. Don't worry, Koinly can help you calculate taxes for thousands of Solana tokens, including WIF. Here's how.
Sign up to Koinly and choose your country and currency
Connect Solana with Koinly to import all your Ethereum trades safely and securely - including tokens like WIF
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 Dogwifhat transactions taxed?
The tax due on your crypto depends on where you live and whether you have a capital gain or additional income. Make sure to read our crypto tax guides for more information, but broadly speaking, two taxes may apply:
Capital Gains Tax: When you sell or trade WIF, you’ll generally pay Capital Gains Tax on any gain.
Income Tax: When you earn WIF tokens - like staking rewards - this could be seen as additional income.
Can the IRS track my WIF tokens?
Yes. Solana, like the majority of blockchains, is a public ledger. That means anyone, including the IRS, can view transactions, wallets, and more. All the IRS needs to do is link you to a particular wallet address - and they've hired experts to do just that.
As well as this, if you've traded WIF or other crypto on centralized exchanges, many of these exchanges share data with the IRS to ensure operational compliance.
As always, we recommend a conservative approach to crypto tax to avoid potential audits or crypto tax penalties.
How to get Dogwifhat tax documents
Generally speaking, you'll report any gains, losses, or income from crypto in your annual tax return alongside any other income.
To do this though, you'll need to calculate any capital gain/loss from any time you sold or traded WIF, as well as identify the fair market value in your fiat currency of any additional income from WIF.
It's time consuming to say the least, which is why most investors use a crypto tax calculator like Koinly. Koinly can calculate your gains, losses, and income for thousands of Solana tokens. including WIF.
All you need to do is connect your Solana wallet to Koinly and it’ll do the rest. Here’s how.
How to import WIF transactions to Koinly automatically
To import your WIF transactions into Koinly, you’ll need to connect each Solana wallet you use to Koinly. This is really easy to do, you just need your public address from each Solana wallet you use.
You can find steps on how to connect a variety of popular Solana 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 from networks
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 Solana wallet you use to interact with Dogwifhat 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 Solana wallet.
