How to Connect Revolut and Koinly

How to connect Revolut 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 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.

How to get a tax statement from Revolut

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!

Connect to Koinly with the Revolut tax report 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.

How to import your Revolut tax report CSV file to Koinly

On Revolut

1. Log in to Revolut.
2. Select accounts.
3. Select statement.
4. Select your date range.
5. Select your file format (CSV/Excel).
6. Select statement.
7. Select the export icon in the top right corner.

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 import from file.
4. Upload your CSV file.

How do I check my Revolut import is accurate?

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.

• Sent to pool: Sending coins to a pool? Mark these as sent to pool. It lets Koinly know you still hold these assets.
• Tag as cost: Tag any transaction fees.
• Tag as gift: Gifting crypto is often a non-taxable event in many countries, so make sure to tag these.
• Tag as lost: If you have crypto stolen, in many countries you can claim this as a loss.

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.

• Tag as income: Crypto income is subject to Income Tax, not Capital Gains Tax - just like any other salary
• Tag as airdrop: Most countries see airdrops as a bonus and apply Income Tax.
• Tag as loan interest: If you're loaning crypto and receiving interest, use this tag. Many countries apply Income Tax to interest.
• Tag as mining: Most countries treat mining as a form of income and apply Income Tax.
• Received from pool: Use this tag to mark the capital you originally sent to a pool, not any rewards from it.
• Tag as reward: This tag can be used to mark any deposits you receive as a reward, for example staking rewards. In most countries, rewards are subject to Income Tax.
• Tag as fork: Just like airdrops, new coins from a fork may be subject to Income Tax.

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.

• Tag as swap: If a coin has exchanged its symbol or name, use the swap tag, as this is tax free.

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.

How do I troubleshoot my Revolut integration to Koinly?

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:

• My tax report looks inaccurate - help!
• How do I customize my CSV file?
• How do I tag interest in Koinly?

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.