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CoinTracker announces Solana support with streamlined taxation

source-logo  cryptonewsz.com 01 April 2024 14:43, UTC

CoinTracker has announced support for Solana transactions. This will enable its users to calculate taxes once they have synced their wallets accurately. The process is seamless, beginning with syncing wallets before moving on to tax calculation. Finally, users get a report on several aspects, including, but not limited to, capital gain or loss. CoinTracker, with this partnership, aims to cover as many crypto transactions as possible and make its services accessible to the majority of users.

Tax calculation on cryptocurrencies has often been defined as a nightmare. The reason is that there are various segments to consider. When it comes to Solana, the complexities are multifold since the ecosystem is always evolving.

It will currently cover rent fees, token accounts, DeFi/NFT activities, token staking, liquidity pools, and yield farming, among other aspects. CoinTracker has revamped its Solana support to ensure the availability of auto-classification of transactions. In other words, users will not have to classify their transactions manually. CoinTracker will do that for them. A brief review is still recommended.

Auto-classification of transactions spans across dApps like Magic Eden, Lifinity, Orca, Kamino, and Jupiter.

The launch of Solana, supported by CoinTracker, is backed in association with Alchemy and Helius. Alchemy will work as a technology partner to provide enhanced accuracy and reliability. Helius will facilitate high-quality NFT data. This has put CoinTracker in a competitive spot on the list of crypto tax software. Other players on the list are CoinLedger, Koinly, and TokenTax.

Moving forward, CoinTracker looks to navigate the complexities of the ever-evolving ecosystem. The landscape of Solana is wide and dynamic. What keeps evolving are rent fees and token accounts. Hence, there are issues with tax calculations. BTC and EVM chains present a better picture comparatively. It is important to correctly function for the Solana ecosystem so that the correct tax treatment can be applied.

CoinTracker has also announced a discount of 20% on tax plans to celebrate its newly established partnership with Solana. The discount applies only to the first year of using the platform. Members of the Solana community will only have to register at CoinTracker to be eligible for the discount.

The development has marked an uptick in the valuation of SOL. It was briefly above the mark of $200 before retracing to $199.63, still up by 1.80% in the last 24 hours. SOL has been as high as $204.06 during the same time window. The current listed value is up by 7.07% in the last 24 hours and 47.57% in the last 30 days.

CoinTracker has called its partnership with Solana a big step in achieving the goal of streamlining tax reporting. CoinTracker wants to make it convenient so that users do not have to worry about crypto tax calculations at all.

Sections that CoinTracker will cover for Solana are rewards, airdrops, lending, liquidity pools, and SPL staking, to mention a few.