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How To File Your Revolut Taxes With Koinly

Revolut pairs perfectly with Koinly to make crypto tax easy! 🤝Sync Revolut with Koinly to calculate your crypto taxes fast. ⚡ Connect in minutes! 🖱️

Last updated: Monday, 30 January 2023

How to do your Revolut taxes with Koinly 

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 crypto with Revolut, as well as store crypto in a Revolut wallet. Investors can also hold their crypto assets in vaults to earn interest. Koinly can help you do your Revolut  taxes safely, quickly, and accurately. 

  1. Sign up to Koinly and choose your country and currency
  2. Connect Revolut with Koinly to import all your Revolut trades safely and securely
  3. Koinly categorizes Revolut transactions into gains, losses and income
  4. Koinly calculates your Revolut Capital Gains Tax and Revolut Income Tax
  5. Download your Revolut tax report from Koinly
  6. File your Revolut taxes online or with your crypto tax accountant

Watch how to do your Revolut taxes fast

How to connect Koinly and Revolut via API

On Koinly

  1. Sign up or log in to your Koinly account and go to the wallets page.
  2. Select add new wallet: Revolut.
  3. Select set up auto-sync.
  4. Enter the mobile phone number associated with your Revolut account.
  5. Select your country code.
  6. Enter your pin.
  7. Select done.

On Revolut App

  1. Select the notification.
  2. Enter your pin.
  3. Select authorize.

Important

You don’t need to worry about Koinly having access to your Revolut account  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.

How to integrate Revolut with Koinly using CSV

You'll need to start by downloading a CSV file with your full trading history from Revolut before you can upload it to Koinly - here's how.

How to download and export your transaction history CSV file from Revolut

  1. Log in to Revolut
  2. Select crypto
  3. Select token/coin - for example, Bitcoin
  4. Select statements
  5. Select excel
  6. Enter date range - this needs to cover your complete transaction history on Revolut
  7. Select generate

Please note, you'll need to follow the steps above for each cryptocurrency you've transacted with in Revolut to get your complete transaction history.

How to upload your Revolut CSV to Koinly

  1. Sign up or log in to your Koinly account and go to the wallets page.
  2. Select add new wallet: Revolut.
  3. Select import from file.
  4. Upload your CSV file.

Important

1. 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.

2. 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.

How do I troubleshoot my Revolut integration to Koinly?

Issues with your Revolut data import? No worries:

Calculate your Revolut taxes

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Does Revolut have tax documents?

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.

How do I get Revolut tax documents?

Revolut offers 2 easy ways to export your transaction history to connect with crypto tax software - like Koinly - and generate tax forms. Revolut pairs with Koinly through API or CSV file import to generate your tax forms. Once connected, Koinly will calculate your Revolut taxes based on your location AND generate your EOFY tax report.

Do you get a 1099 from Revolut?

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 financial or end of year statements?

No, Revolut does not provide an end of year tax 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.

Do I have to pay taxes on Revolut?

Yes - if you have made any capital gains or income as a result of your Revolut crypto investment activities, you'll need to report these to your tax office and pay taxes on them.

Does Revolut report to tax authorities?

Revolut doesn't report to the IRS, HMRC, the ATO and the CRA 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.

Is Revolut safe?

Yes. Revolut is generally regarded as a safe and well-regulated financial platform. As Revolut offers many services outside crypto investments, the regulation requirements it needs to meet are far more stringent.