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DeFi tax guide

Solana DeFi Taxes

Solana DeFi is one of the most active ecosystems in crypto. Every swap, LP position, and yield farming reward may have tax implications - and the complexity is considerably higher than simple buy and sell transactions. Getting your full DeFi history into a structured format is the essential first step.

DeFi Activities and Their Tax Treatment

Token Swaps

Capital gains event

Jupiter, Raydium, Orca

A swap is a disposal of one asset and an acquisition of another. In most jurisdictions, this triggers a capital gain or loss equal to the difference between the cost basis of the token sent and its market value at the time of the swap.

Liquidity Provision

Two taxable events per cycle

Orca, Raydium, Meteora

Adding liquidity is generally treated as a disposal of both tokens contributed. Removing liquidity is treated as a disposal of the LP token received. This creates two taxable events per LP cycle in most jurisdictions.

Yield Farming Rewards

Ordinary income

LP rewards and emissions

Rewards earned from LP positions are typically treated as ordinary income at fair market value when received. Those reward tokens also create a cost basis: if you later sell them at a higher price, you owe capital gains on the difference.

Protocol Fees

Potentially deductible

SOL transaction fees

Transaction fees paid in SOL when executing swaps or interacting with protocols may be deductible as a cost of acquisition or disposal depending on your jurisdiction. ExportMyWallet.com includes the fee for every transaction.

DeFi tax rules are complex and vary significantly by country. The above is a general guide. Consult a qualified tax professional before filing.

How DeFi Transactions Appear in Your CSV

DeFi interactions on Solana often involve multiple on-chain actions within a single transaction. Here is how they appear in your export and what each field tells you.

Type: SWAPToken swaps generate two rows in the CSV - one for the token sent and one for the token received. Both rows share the same Tx Signature, so your tax tool can pair them as a single swap event.
Source: JUPITER / RAYDIUM / ORCAThe Source column identifies which protocol the transaction was routed through. Jupiter aggregated swaps may show JUPITER even if the liquidity came from Raydium or Orca underneath.
Type: UNKNOWNAn UNKNOWN type means the transaction involved a program that could not be automatically classified. DeFi interactions with newer or less common protocols often appear as UNKNOWN. These may need manual categorisation in your tax tool.
Tx SignatureEvery row includes the on-chain transaction signature. Use this to verify the exact details of any transaction on Solscan, including which programs were called and all token movements.

See the full CSV column reference for every field in your export →

Export Your Solana DeFi History

All DeFi interactions are recorded on the Solana blockchain. ExportMyWallet.com reads your full history using your public wallet address - no wallet connection needed.

  1. 1

    Copy your Solana wallet address

    Open your Solana wallet and copy your public address. If you used multiple wallets for DeFi, you will need to run a separate export for each address.

  2. 2

    Paste it into ExportMyWallet.com

    Paste your address into ExportMyWallet.com. The tool fetches your complete on-chain history including all swaps, LP interactions, and protocol rewards.

  3. 3

    Download your DeFi CSV

    Download your transaction history as a CSV. Swaps, yield rewards, and protocol interactions all appear in the same file alongside your SOL and token transfers - ready to import into a tax tool.

Which Tax Tools Handle Solana DeFi

DeFi support varies significantly across crypto tax tools. These three handle Solana DeFi best and all accept the CSV format from ExportMyWallet.com.

Koinly

Strong DeFi support

Handles Jupiter swaps well and auto-classifies most Solana DeFi transactions. Complex LP positions may need review but the coverage is the broadest of any tool. Recommended for most Solana DeFi users.

CoinLedger

Good DeFi coverage

Good DeFi transaction support with strong NFT handling as well. TurboTax integration makes it easy to file directly after calculating your taxes. Free to import, paid plans for tax report generation.

Crypto Tax Calculator

Best for complex LP

The best tool for users with heavy LP and yield farming activity. Purpose-built to handle complex DeFi interactions including multi-step transactions. Worth considering if Koinly struggles with your specific protocols.

See the full comparison of Solana tax tools including pricing and free tiers →

Frequently Asked Questions

Is a token swap on Jupiter a taxable event?

Yes, in most jurisdictions. Swapping SOL for USDC (for example) is treated as selling SOL at the current price. Any gain or loss on the SOL is realised at that point. The same applies to swapping any token for another.

How are Raydium LP positions taxed?

Adding liquidity to Raydium is typically treated as a disposal of both tokens contributed. This creates taxable events on both entry and exit from the pool. Some jurisdictions may have different interpretations - consult a tax professional.

What does UNKNOWN mean in my CSV?

UNKNOWN transactions are on-chain interactions with programs that could not be automatically classified. These often include DeFi protocol interactions with newer or less common programs. You may need to manually categorise them in your tax tool using the Tx Signature to identify the protocol on Solscan.

How far back does the DeFi export go?

The free tier exports your 100 most recent transactions. The paid Complete tier exports your full on-chain history with no limit - which is important for users with years of DeFi activity across many protocols.

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