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How to file your Solana (SOL) taxes with Koinly

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How to do your Solana (SOL)  taxes with Koinly 

Solana blockchain is focused on hosting and building scalable apps, with lower fees than rivals. Whatever your SOL investments, you'll need to pay taxes on them - and Koinly can help. Here's how.

  1. Sign up to Koinly and choose your country and currency
  2. Safely connect Koinly to the Solana blockchain via your public address or a CSV file
  3. Koinly categorizes SOL transactions into gains, losses and income
  4. Koinly calculates your SOL Capital Gains Tax and SOL Income Tax
  5. Download your Solana tax report from Koinly
  6. File your Solana taxes online or with your crypto tax accountant

Watch how to do your Solana taxes fast

How to find your Solana (SOL)  public address

To connect to Koinly, all you need is your Solana public address for each wallet you use to interact with Solana. The exact steps on how to get your public address vary a little depending on the wallet you’re using, but we’ve got instructions on how to get your public address for all the top Solana wallets including:

Don't see your wallet? You'll find easy to follow steps on how to get your Solana public address from hundreds of wallets here.

And don't forget, in order for Koinly to calculate your crypto taxes correctly you’ll need to add your public address from every wallet you use to interact with Solana.

How to connect Solana to Koinly automatically

On Koinly

  1. Sign up or log in into Koinly and head to wallets
  2. Select add new wallet in the top right corner
  3. In the search bar, search for Solana
  4. Select Solana (SOL)
  5. Enter your Solana public address
  6. Select import

Important

Koinly now supports Solana NFTs! If you have multiple Solana NFTs, you should recreate your Solana wallet on Koinly or resync your Solana wallet from the beginning.

How to integrate Solana with Koinly using CSV

If you prefer to use CSV files to integrate your Solana wallets with Koinly, you can. Here's how.

How to download and export a Solana CSV file

Depending on the Solana wallet you’re using, you may be able to export a CSV file of your transaction history from your wallet. We’ve got instructions on how to get a CSV file from a number of crypto wallets on our integration pages.

Important

1. When downloading your CSV files, check that the file covers your full trading history.

2. Remember to download and upload CSV files for all your SOL Wallets.

3. Don't forget to tag your transactions according to your country’s crypto tax rules. This will ensure that they show up correctly as income on your Solana tax reports.

How do I troubleshoot my Solana integration to Koinly?

Problems connecting Solana and Koinly? No worries - we're here to help:

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How is staking Solana taxed?

Tax on staking rewards varies a little depending on your tax office - but generally speaking, most tax offices see staking rewards as additional income, which makes them subject to Income Tax upon receipt. 

How are Solana airdrops taxed?

Received an airdrop of SOL tokens? Some tax offices view this as additional income and subject airdrops to Income Tax upon receipt, as well as Capital Gains Tax upon disposal. Read more in our guide on airdrops.

How are liquidity pool tokens taxed?

Most tax offices haven’t released guidance on liquidity pool tokens just yet. But, as you’re often trading capital in return for LP tokens, this is potentially going to be viewed as a crypto to crypto trade which is subject to Capital Gains Tax in most countries. You can read more about liquidity pool tokens in our guide on this subject.

Do you have to pay tax on Solana?

Yes. You need to pay tax whenever you have income or capital gains from your Solana investments in pretty much every country in the world. Find out more in our crypto tax guides.

Can the IRS track Solana?

Yes. The IRS can track Solana and other cryptocurrencies. If you’re trading SOL on any large centralized crypto exchange, the majority of these exchanges issue users with 1099 forms. They may also share KYC data with the IRS to ensure tax compliance.

Does the IRS know about my SOL wallet?

If you’re using a non-custodial wallet like Phantom or Solflare, you might think there’s no way the IRS can know. But if you’re transferring your SOL between your non-custodial wallet(s) and exchanges, these exchanges will still have the data the IRS needs to track your SOL. 

Are Solana NFTs taxed?

Yes. From a tax perspective, most tax offices view NFTs as a kind of crypto asset and as such the same rules apply. This means if you sell or swap Solana NFTs and make a gain, you’ll generally pay Capital Gains Tax on that gain.

Last updated: Tuesday, 7 March 2023

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