How to file your Jito (JTO) taxes with Koinly

Jito (JTO) is a liquid staking protocol for Solana that uses a stake pool model to maximize investor yields. Whatever your transactions, Koinly can help calculate taxes for hundreds of Solana dApps including Jito. Here's how.

1. Sign up to Koinly and choose your country and currency

2. Connect Solana with Koinly to import all your trades safely and securely

3. Koinly identifies the cost basis of your tokens and coins, as well as your taxable transactions

4. Koinly calculates any capital gains, losses, and income from your taxable transactions

5. Koinly generates your crypto tax report - ready to help you file with your tax office, or hand it over to your accountant.

How are Solana staking solutions taxed?

Generally speaking, Solana staking rewards are subject to Income Tax upon receipt based on the fair market value (FMV) in fiat currency, however, some countries buck this trend.

When it comes to Solana staking protocols though, it actually depends on how your protocol works. While earning new tokens is generally additional income and taxed as such, many protocols opt to use liquidity tokens that accrue value instead of issuing new tokens. In these cases, no gain is realized until you trade your tokens back for your original asset. From a tax perspective, this is more likely a disposal of a capital asset (trading one crypto for another), and therefore any gain is subject to Capital Gains Tax.

Learn more in our DeFi tax guide.

Can the IRS track Solana DeFi investments?

Yes. Like most other blockchains, Solana is a public blockchain. So anyone, anywhere (including the IRS) can view information on the ledger like wallet addresses, transactions associated with a given wallet, wallet holdings, and more. All the IRS has to do is link you to a wallet address - and they have experts who do just that. Learn more in our guide - can the IRS track crypto?

How to get Jito tax documents

You'll normally report any gains, losses, or income from crypto in your annual tax return. This is true for Jito investments, and any other transactions you may have. But before you can do this, you'll need to go through all your transactions, identify which are taxable and the kind of tax that applies, and calculate any gains, losses, or income from your investments.

For active investors, it's a lot of work, which is why most use a crypto tax calculator like Koinly. Koinly can calculate your gains, losses, and income for more than 800 wallets, exchanges, and blockchains, including Solana and Solana dApps.

How to import Jito transactions to Koinly automatically

To import your Jito transactions into Koinly, you’ll need to connect any Solana wallet you use with Jito to Koinly, and all you need to do this is your public address. We've got instructions on how to connect popular Solana wallets like Phantom and Solflare on our integration pages - but here's an example of how it generally works.

In your wallet

1. Open or log in to your wallet

2. Select the blockchain you'd like to connect to Koinly - in this example, Solana

3. Copy your public address

On Koinly

1. Sign up or log in to your Koinly account and go to the wallets page

2. Search for and select the blockchain you'd like to connect to - in this example, Solana

3. Give your wallet a name - for example - Phantom Solana

4. Paste your public address