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CoinTracker launches industry-leading Solana support

Alexandra Reyes

March 28, 2024  ·  2 min read

CoinTracker launches industry-leading Solana support

We’re thrilled to announce our industry-leading Solana support. Over the past year, we’ve made great strides to provide the most accurate and complete tax solution with CoinTracker 2.0, and now we can further back this with our Solana coverage.

Calculating your crypto taxes shouldn't be a nightmare, and with CoinTracker it isn't. CoinTracker allows you to seamlessly sync your wallets in one place, ensuring accurate tax calculations and generating the necessary reports for filing.

As the popularity and market adoption of Solana continues to skyrocket, the need for a complete and accurate tax solution has become increasingly crucial. We have worked closely with our trusted partners — including Phantom, Solana Foundation, Coinbase Wallet, Magic Eden, and OpenSea — to bring users the best solution for the Solana ecosystem.

The only solution with accurate tax reporting for Solana

CoinTracker now automatically and accurately imports and categorizes every Solana transaction, from your initial onramp to the latest DeFi or NFT activity. With comprehensive coverage, we handle everything from token swaps to native SOL and token staking, NFT transactions, liquidity pools, yield farming, lending, rent fees, and more.

Even Solana-specific concepts like rent fees and token accounts are streamlined for a straightforward crypto tax calculating experience. We've completely revamped our Solana support, now offering robust auto-classification of on-chain activities across the Solana DeFi ecosystem.

With CoinTracker, you’ll get reports on capital gains/losses and taxable income calculated based on your Solana onchain activities. Our enhanced integration coverage ensures automatic categorization of transactions on popular dApps such as Magic Eden, Marinade Finance, Kamino, marginfi, Orca, Lifinity, Meteora, Solblaze, and Jupiter.

We're proud to work with Alchemy as a technology partner to enable accuracy and reliability with Solana. We are thrilled to work with Helius for high quality NFT data.

For more details on DeFi taxes, refer to our 2024 DeFi Guide.

Setting the standard (the bar was low)

So why has no other crypto tax software done it right? Well, accurately handling Solana's transaction landscape presents a unique set of challenges, particularly in comparison to BTC and EVM chains. The DeFi ecosystem within Solana is constantly evolving, with token and program standards in a state of flux to drive innovation. This introduces complexities, including concepts like rent fees and token accounts, which demand nuanced tax handling.

Assuming the tax implication for Solana transactions based on token transfers alone is no longer sufficient; crypto tax solutions must decode instruction data to apply the correct tax treatment. Additionally, the diversity of dApps spanning DEXes, lending protocols, and web3 games complicates transaction tracking across platforms and wallets.

Crypto taxes done right

With CoinTracker’s advanced tracking and reporting features, users can stay on top of their DeFi tax obligations and avoid costly mistakes. This includes the ability to auto-import through H&R Block OnlineTurbo Tax, or your own accountant.

We believe that cryptocurrency should be accessible to everyone, and simplifying tax reporting is critical to this mission. CoinTracker aims to streamline crypto taxes to the extent that users no longer have to think about them. Our launch with Solana is a big step towards achieving this goal.

To celebrate this partnership, the Solana community can sign up for CoinTracker and receive a 20% discount on tax plans during a user's first year using CoinTracker. Get started here.

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