Revolut doesn't think of itself as a crypto exchange - in fact, it calls itself a 'financial super app' and has racked up more than 28 million users worldwide. You can buy, sell and send crypto with Revolut, as well as store crypto in a Revolut wallet, and stake crypto to earn. Whatever your investments, Koinly can help. Revolut has partnered with Koinly as their preferred crypto tax partner to help you do your Revolut crypto taxes in a snap. Here's how it works.
You can connect Koinly & Revolut automatically through the Revolut app.
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.
You don’t need to worry about Koinly having access to your Revolut account. 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.
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, or you can export individual CSVs for each coin by following the steps above, but not selecting all accounts.
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. This lets Koinly identify your cost basis so your capital gains and losses are calculated accurately.
Issues with your Revolut data import? No worries:
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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. You can even sign up, or sign in, to Koinly within the Revolut app.
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 the app 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.
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.
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.
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.
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.
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.