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Crypto taxes on Solana: You’re in the right place
Filing cryptocurrency taxes can feel overwhelming. The rules are not always clear, and official guidance often misses key details.
At the same time, tax authorities are getting more access to crypto data. This includes information from exchanges and public blockchains like Solana. Many platforms now must share details about your transactions, and on-chain activity can be analyzed.
That’s exactly why Divly exists. We built a tool that guides you step-by-step to file taxes correctly, without stress or confusion. In this guide, we’ll show you how to report your transactions made on Solana, including trades, DeFi, NFTs, and staking.
Is Solana Taxed?
Depending on the tax regulations in your region, various Solana-related activities could be subject to taxes. Activities such as staking Solana, exchanging Solana for other digital or fiat currencies, providing liquidity, receiving rewards from DeFi platforms, and engaging in yield farming might all have tax implications.
These operations can lead to taxable events, including capital gains or income tax, tailored to how your country classifies crypto assets.
Keeping thorough records of all Solana transactions is crucial. This includes tracking the date, amount in both cryptocurrency and your local currency, and the reason behind each transaction. Proper documentation is key to precise tax reporting and reducing any financial risks.
With Solana's diverse applications, it’s essential to understand the tax obligations specific to your country. For detailed information on how Solana transactions are taxed in your area and guidance on declaring them, refer to our country-specific tax guides. Each guide provides insights into cryptocurrency taxation and declaration processes for your local tax authority.
How do I calculate my Solana taxes?
There are multiple ways to calculate your Solana taxes. You can either do so manually if you're handy with a spreadsheet, hire a specialized crypto account, or can do so with the aid of crypto tax software.
Regardless of your choice there are three main steps to calculating your cryptocurrency taxes.
Step 1: Exporting Your Solana Transaction History
Divly has built an integration that lets you automatically import your Solana transaction data directly from the Solana blockchain. Divly's integration uses your public Solana Address to fetch all transactions. Divly will never ask for your private keys, remember to always keep them secret!
- Go to Wallets in Divly and search for Solana (SOL).
- Copy and paste your Solana Address into Divly.
- Select the blockchain Solana (SOL) from the dropdown.
- Click the button Save Wallet Address and Import. Divly will import your transactions and calculate your taxes.
Step 2: Calculate Your Cryptocurrency Taxes
There are three main ways you can consider calculating your taxes.
By using a cryptocurrency tax platform, most of the heavy lifting is done for you. You simply need to make sure you've imported all of your trading history from your various wallets and exchanges and the tax platform will do the calculations for you. It is important to use a cryptocurrency tax platform that is specialized for your country. Each country's tax regulations vary heavily, and you may risk not following local regulations, or getting unusable output by using a general tax calculator.
Therefore it is crucial to make sure the service you use is specialized for your country.
Divly is built to follow local regulations and provide localized outputs for numerous countrieswith strong support across Europe and the US.
Hiring a tax accountant or lawyer allows you to get specialized help from a professional. They can do your taxes for you so that you don't have to, they can also help you answer tax questions and help make decisions to lower your taxes. Many accountants also use tax software such as Divly to help their own clients and may offer their services to review your account or do complete the declaration for you.
Divly is designed to be used by anybody so it is not required to be an accountant. But if you do want to share your account with your accountant you can do so directly from the Divly platform.
It my be difficult to find an accountant specialized in crypto so we've created a dedicated page to list accountants that work with crypto and other digital assets
Manually doing your crypto taxes is not recommended unless you've stuck to only a few trades and have not made any complex transactions. It is possible but could cost significant time investment. If you do plan to manually calculate your taxes, do make sure you've read our tax guide for your country first before conducting any calculations so that you can familiarize yourself with what is required.
Step 3: Declare Your Cryptocurrency Taxes
Each country has its unique reporting requirements. This means that the process to declare as well as exactly what you need to declare can vary greatly between countries.
Divly's tax product will guide you through the declaration process. But you might also benefit from our tax guides which cover how to navigate your tax declaration for your country.
We've listed a select few of our guides below
| Country | How to Declare Guide |
|---|---|
| 🇺🇸 | US Crypto Tax Guide |
| 🇸🇪 | Sweden Crypto Tax Guide |
| 🇫🇮 | Finland Crypto Tax Guide |
| 🇩🇰 | Denmark Crypto Tax Guide |
| 🇳🇴 | Norway Crypto Tax Guide |
| 🇪🇪 | Estonia Crypto Tax Guide |
| 🇩🇪 | Germany Crypto Tax Guide |
| 🇬🇧 | UK Crypto Tax Guide |
Why is Divly the best choice for Solana taxes?
Divly is built for each country with a focus on accuracy. Unlike generic tools, we automatically generate the compliant, local tax report you need for your country. We handle the complex rules of your local tax legislation so you do not have to.
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Fast Import: Fast import of Solana (SOL) and SPL token transactions from your wallet address or files, combined with your other wallets and exchanges. Supports DeFi, staking, and NFTs on Solana.
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Accurate Calculations: Precise gains and losses for SOL and SPL tokens, with correct cost basis method (e.g., FIFO). Income types like staking rewards and airdrops are classified for tax the right way.
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Local Tax Report: Download a localized tax report and follow our simple guide to declare your Solana activity in your country.
Frequently asked questions (FAQ?)
Yes, in most countries you are required to pay taxes on crypto. For more details see your country-specific crypto tax guide.
Crypto typically incurs a capital gains tax in the majority of jurisdictions. This means you need to pay taxes on the difference between what you bought crypto for and what you sold it for (minus fees).
If you received crypto through other methods (e.g. salary), methods like income tax will apply.
Yes, you can use Divly to declare crypto taxes for previous years that you missed. In many countries you can self-report mistakes and not get penalized for it.
Divly provides localized guides on how to fix previous years for many of our supported countries.
It is a criminal offense to not pay your taxes. It is also difficult to avoid since crypto transactions are recorded publicly on the blockchain and exchanges have been forced to hand over information to local tax authorities.
Yes, you need to file a tax report even if you lost money. The good news is that by filing your losses you may be able to reduce your taxes.
Divly is a premium service to help people calculate and submit their crypto taxes. We use industry standard practices to secure your data.
- We do not sell your information to third parties such as other companies or government agencies.
- We do not perform any KYC. Divly only requires an email address and your pseudonymous crypto transactions to generate your taxes.
Feel free to use a temporary email / protonmail. You can also delete all your transactions and synched wallets at any time.
Yes. You can safely ask your accountant to create and manage a new Divly account for you, or invite them to see and/or edit your existing Divly account. Divly provides accountants with a special feature to manage multiple clients with crypto.
Any tax-related information provided by us is not tax advice, financial advice, accounting advice, or legal advice and cannot be used by you or any other party for the purpose of avoiding tax penalties. You should seek the advice of a tax professional regarding your particular circumstances. We make no claims, promises, or warranties about the accuracy of the information provided herein. Everything included herein is our opinion and not a statement of fact. This article may contain affiliate links.
