How to connect Solana Wallet with Kryptos & Generate Tax Reports

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How to connect Solana Wallet with Kryptos & Generate Tax Reports

by
Varun Mehra
Reviewed by
Sukesh Tedla
5
min read
Last updated:
2023-06-16
Follow the steps below and get insights into your Solana portfolio and file your crypto taxes stress free with Kryptos

How To Calculate Your Solana Taxes With Kryptos

If you are using the Solana ecosystem, follow these steps to connect it with Kryptos – auto-sync all your transactions, analyze your portfolio, and calculate your crypto taxes in minutes. We help users with Defi Taxes and show their DeFi portfolio overview as well.

  1. To get started – Sign up on Kryptos here and choose your country and currency.
  2. Once done, link your Solana wallet to Kryptos. 
  3. View and analyze all your transactions in a single dashboard and manage your portfolio
  4. Kryptos automatically categorizes all your Solana transactions into gains/losses or income.
  5. Now you can sit back and relax while we calculate your Capital Gains Tax and Income Tax from Solana Blockchain.
  6. Generate the Solana tax report for free and download it once everything looks good.
  7. File your Solana taxes online or leverage our crypto tax accountant network to help you out.

How To Connect Solana With Kryptos 

On Solana :

  1. Go to your Solana Wallet
  2. It can be Phantom, Sollet, or any wallet that supports the Solana ecosystem.
  3. We support all major Solana wallets like Phantom, Sollet, C98, Trust Wallet, and many more!
  4. Copy your wallet address.

On Kryptos :

  1. Go to kryptos.io & signup using your Google account.
  2. From the menu, click on Add Wallets/Exchanges. Go to the Wallets/Exchanges page.
  3. Search for Solana or select it from the list below.
  4. Now, click on the Solana icon.
  5. Name your wallet anything you would like.
  6. Paste your Solana wallet address.
  7. Click on Import Your Transactions. All transactions are directly imported and tagged by default.
  8. If you wish to import custom history, select Advanced Options. Now you can specify the start and end date of your transaction history.
  9. Sit back and let Kryptos generate the report for you!

Note: If you wish to accurately calculate all of your Solana capital gains taxes, make sure to add all the wallets consisting of your Solana Trading history.

How are Solana transactions taxed?

The crypto tax laws may vary depending on the country you reside in and other factors such as your filing status, income bracket, and marital status. But, in general, there are mainly two types of taxes applicable to Solana transactions.

  • Income Tax- If you are earning rewards (e.g. through lending or staking) or receiving, you may need to pay income tax.
  • Capital Gains Tax- If you profit from the disposal of your crypto assets (e.g. by selling your tokens, SOL, RAY, SAMO, etc.), you incur capital gains tax.

Essential things to keep in mind while integrating Solana

  • In your wallet, make sure you’ve selected the correct network.
  • Do not use your private keys for integrations on Kryptos.

Facing Issues While Connecting Solana To Kryptos?

Go to Resources and head over to the Help Centre page from the dropdown menu. Or send us your queries via the Support Desk. If a critical or urgent issue needs to be resolved, you can use our live chat option on the right side of the screen or email us at support@kryptos.io.

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