How to do your Solana taxes in 2025

Solana is a blockchain platform known for its speed and efficiency, thanks to its proof-of-stake mechanism. It supports smart contracts, making it a favorite for creating decentralized apps and digital art like NFTs. Founded in 2020, Solana quickly gained popularity in the crypto world.

As with any investment, especially in the fast-moving world of cryptocurrencies like Solana, it's important to stay informed about taxes. This article will guide you through understanding how to handle taxes on your Solana transactions, ensuring you stay on the right side of tax laws.

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

To get access to your Solana trading history, you can use blockchain explorers such as Solscan. These blockchain explorers will be able to provide you with a complete history of your Solana activities.

There are also specialized tools such as Stake.Tax which is made to help convert information to a format easily readable by crypto tax calculators such as Divly.

File import

You can import transactions from Solana into Divly by downloading and importing a CSV file. Make sure to download the CSV file every time you want to include the latest transactions.

1. Go to Stake Tax.

2. Select SOL in the navigation bar.

3. Copy and paste your address into the text box and click SEARCH.

4. Wait for the file to generate and click OPEN CSV. Depending on the amount of transactions in your wallet this could take a while.

5. Click the button DOWNLOAD CSV and select default in the option.

6. Drag and drop the CSV file to where it says Upload CSV. Divly will import the transactions.

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

FAQ

Are NFTs Taxable?

Solana is perhaps best known for its NFT support. In most countries NFT trades are seen the same as crypto-to-crypto trades, and are therefore taxable. Therefore, both purchasing an NFT with Solana and selling an NFT for Solana are taxable.

For specific guidance on the NFT tax treatment for your country see our country specific tax guides

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.