Easily calculate your Revolut taxes and generate the appropriate tax documents to send to your tax authority. Koinly supports Revolut and makes tax reporting a piece of cake.
Revolut doesn't think of itself as a crypto exchange - in fact, it calls itself a 'financial super app'. You can buy, sell and send and crypto with Revolut, as well as store crypto in a Revolut cold wallet. Investors can also hold their crypto assets in vaults to earn interest.
You might be wondering, does Revolut provide CSV tax and trade history reports? Is it even possible to get tax info and statements from Revolut? What about a Revolut tax API? The good news is, while Revolut might not provide tax forms and documents, Revolut does offer 2 easy ways to export transaction and trade history!
Revolut pairs with Koinly through API or CSV file import to make reporting your crypto taxes easy. Once connected, Koinly becomes the ultimate Revolut tax tool. How? Koinly will calculate your Revolut taxes based on your location AND generate your EOFY tax report, all within 20 minutes! All you’ll need to do at tax time is download your Revolut tax statement from Koinly and file it with your local tax authority. Done!
Good to know
Don't worry about Koinly having access via API. Koinly only has read only access so it can view your transaction history. It can't make any changes or trades on your Revolut account.
Good to know
Many users report having issues with downloading a CSV file from Revolut that includes their entire transaction history. If this is the case for you, you can contact Revolut support who will be able to provide you with a complete transaction history CSV file.
Even if you're only reporting for the current financial year, it's really important you include transaction history - for however long you've been trading on Revolut. Koinly can then calculate your short-term and long-term gains and apply the right tax.
We recommend checking through your Revolut transactions to ensure accuracy regularly as incorrectly imported data can cause issues. There are some simple steps you can follow to make sure your Revolut tax report is accurate.
Sync all wallets, exchanges and blockchains
Make sure all your wallets and exchange accounts are synced with Koinly. This lets Koinly identify which transactions are transfers and which are deposits or withdrawals.
Look out for big numbers
Now, head to your transactions page in Koinly and filter by the type of transaction as well as by the amount to identify and amend any transactions that you believe to be incorrect. For example, large withdrawals or deposits that are actually transfers between wallets is an easy fix.
Review the labels of your transactions
Finally, review the labels on your transactions. There are some instances when transactions like rewards or mining income aren't marked in the imported data. So it's always good to check your transactions and use the following labels as necessary.
Withdrawal Labels (sending funds):
Withdrawals refer to sending coins, tokens and funds. Koinly sees these as a disposal of an asset, which makes the transaction subject to Capital Gains Tax in most countries. But, some withdrawals are tax free and you should label these using withdrawal tags.
Deposit Labels (receiving funds):
Deposits refer to receiving new coins. Koinly sees deposits as a purchase at market price or an investment. They can be subject to Income Tax or Capital Gains Tax, depending on your location and the type of deposit. Check the labels to make sure the right tax is applied.
Exchange Labels (trading funds):
Trading crypto for crypto, buying crypto with fiat and selling crypto for fiat are exchanges. Trades are sometimes taxed (depending on where you live), buys are never taxed and sells are always taxed. Koinly calculates all this on your behalf, so there's only one exchange tag you may need.
It's really helpful to use our Getting Started Guide before reviewing your transactions. This can help you identify and resolve any issues in no time at all.
Koinly has a great help section here with heaps of excellent advice form our amazing customer support team. You'll find answers to common queries about integrating Revolut and Koinly there. Here's some of our most frequently asked questions about Revolut integration:
You can find more Revolut and Koinly help on our discussion forum too. If you need any further help, don't hesitate to contact our customer support team who will be happy to help resolve your query.