CoinTracker has announced support for Solana transactions. This allows users to calculate taxes once they have accurately synced their wallets. The process is seamless and starts with syncing wallets before proceeding to tax calculation. Finally, users get a report on various aspects including, but not limited to, capital gains or losses. With this partnership, CoinTracker aims to cover as many crypto transactions as possible and make its services accessible to the majority of users.
Tax calculation on cryptocurrencies is often defined as: nightmare. The reason is that there are different segments to take into account. When it comes to Solana, the complexities are many as the ecosystem is constantly evolving.
It will currently cover rental fees, token accounts, DeFi/NFT activities, token staking, liquidity pools, and yield farming, among other things. CoinTracker has updated its Solana support to ensure the availability of automatic classification of transactions. In other words, users don’t have to manually classify their transactions. CoinTracker will do that for them. A short review is still recommended.
Automatic classification of transactions includes several dApps such as Magic Eden, Lifinity, Orca, Kamino and Jupiter.
The launch of Solana, powered by CoinTracker, is supported in partnership with Alchemy and Helius. Alchemy will work together as a technology partner to provide improved accuracy and reliability. Helius will facilitate high-quality NFT data. This has put CoinTracker in a competitive spot on the list crypto tax software. Other players on the list include CoinLedger, Koinly and TokenTax.
Going forward, CoinTracker aims to navigate the complexities of the ever-evolving ecosystem. The landscape of Solana is vast and dynamic. What continues to evolve are rental prices and token accounts. So there are problems with the tax calculations. BTC and EVM chains present a relatively better picture. It is important to ensure that the Solana ecosystem functions correctly so that the correct tax treatment can be applied.
CoinTracker also announced a 20% discount on tax plans to celebrate its newly established partnership with Solana. The discount only applies to the first year that you use the platform. Solana community members only need to register with CoinTracker to qualify for the discount.
This development has led to an increase in SOL’s valuation. It briefly stood above $200 before returning to $199.63, still up 1.80% in the past 24 hours. SOL was at $204.06 in the same time frame. The current stock market value has increased by 7.07% in the past 24 hours and by 47.57% in the past 30 days.
CoinTracker calls its partnership with Solana a Big step in achieving the goal of streamlining tax reporting. CoinTracker wants to make it easy so that users don’t have to worry about crypto tax calculations at all.
Sections that CoinTracker will cover for Solana are rewards, airdrops, loans, liquidity pools, and SPL staking, to name a few.