Need to know the ins and outs of how to do your taxes with Revolut? We’ve got you covered. In this article, we’ll tell you everything you need to know about Revolut taxes, from how to prep your Revolut taxes to generating your Revolut tax report.
How to prepare Revolut taxes
Using Revolut to buy, sell, trade or store crypto in a vault? Your local tax office will want to know about it, wherever you live. Your crypto could be subject to Income Tax or Capital Gains Tax depending on the specific transaction you make and where you live. The first thing you’ll need to get started with your Revolut taxes is your Revolut transaction history.
How to generate & download Revolut transactions & trading history
Revolut makes it easy for you to generate and download your Revolut transaction history in one of two ways:
- Connect crypto tax software with the Revolut API. This will automatically import your Revolut transaction history in minutes, identify your taxable transactions and calculate your Revolut crypto taxes. Done.
- Export a CSV file of your Revolut transaction history. This is easy to do on Revolut and you can then use this file to calculate your Revolut crypto taxes manually, or upload your CSV file to a crypto tax app.
Does Revolut provide tax reports?
No, Revolut doesn’t provide tax reports. But you can use your Revolut transaction history to generate one yourself or get a crypto tax calculator to do it for you.
Does Revolut issue a 1099 form?
Revolut are based in the UK, and even though they operate in the US, we haven’t yet seen any confirmation that they’re issuing 1099 forms to users (or the IRS). However, as Revolut is not a crypto only app, but a banking app too - you may need to file an FBAR with the IRS if you have holdings of more than $10,000.
Does Revolut provide a financial statement?
Revolut does not provide financial statements for individual users. You can however use your Revolut transaction history to calculate your crypto taxes in place of a Revolut financial statement. You can get your Revolut transaction history through API or as a CSV file.
Revolut CSV export
Once you're logged into your Revolut account, select accounts, then statement. Set your date range and then pick excel for your file format. Hit the export icon and you're done.
Remember, if you're uploading your CSV file to a crypto tax app - you'll need your complete Revolut transaction history, for however long you've had the account. This is so your crypto tax calculator can identify your cost basis and calculate your subsequent short-term and long-term capital gains and losses correctly.
Find out how to integrate your Revolut account with Koinly to skip this time-consuming step.
Do they have a tax API?
Yes. Revolut has a tax API you can use to connect to crypto tax software.
To connect with Revolut, log into your chosen crypto tax app and add your Revolut wallet. Select set up auto sync and now sign into Revolut through your tax app by entering the mobile number associated with your Revolut account and your pin. You'll get a notification within your Revolut app that will ask you for your pin and to authorize access, so allow this. Once you've authorized access, your crypto tax app will automatically connect with Revolut and fetch your Revolut transaction history.
Do they provide an end of year statement?
No, Revolut does not provide an end of year statement. But you can create one by exporting your transaction history if you need one - just set the date range to your financial year when you’re generating your statement. For example, from the 1st of January to the 31st of December.
Does Revolut report to the IRS?
Yes and no. Revolut doesn't report to the IRS directly, but they do have an obligation to report to the Lithuanian tax authority. This information may then be requested by other tax authorities - like the IRS - under the Standard for Automatic Exchange of Financial Account Information to ensure tax compliance.
Does Revolut report to other tax authorities?
Similar to the IRS, Revolut doesn’t report to tax offices like HMRC, the ATO and the CRA directly. However, these tax offices (and others) may request information shared with the Lithuanian tax authority under the Standard for Automatic Exchange of Financial Account Information to ensure tax compliance.
How to generate a tax report with Revolut
Easy - do it yourself or with a crypto tax app. Let’s look at both.
Doing it yourself? You’ll need your Revolut transaction history. You’ll then need to identify each taxable transaction (and whether it’s income or a capital gain), then you’ll need to calculate the fair market value of any income on the day you received it in your fiat currency, as well as your cost basis and capital gains/losses. Then report all this information to your tax office in your annual tax return.
It can be a lot of work if you’re an active investor. So we suggest option two - use a crypto tax app. All you need to do is connect your Revolut account with your tax app using API or by importing a CSV file of your Revolut transaction history and your app will do the rest for you, saving you hours spent working with spreadsheets and calculations.
With Koinly, you can calculate any Revolut taxes you owe by importing your transaction history using either API or CSV. Better still, Koinly also does the amazing job of calculating those taxes in a format that’s compatible with your nation’s crypto tax rules. Using Koinly as your Revolut tax calculator will save you time and save you from paying more tax than you have to.
To quickly break this down, here’s what Koinly can do for you:
- Imports all of your trade history including purchases, sales, swaps, and rewards.
- It converts all your transactions into your country’s currency at a fair market value. This is a massive time saver.
- Identifies your taxable transactions and calculates your tax liability.
- Helps you submit an accurate report to your tax office.