[REQ] Crypto/Fiat Exchange Statement for taxes

As I have to pay taxes if I do any exchange back to Fiat that I do not hold over a year I’d love to see an option to generate a statement for each crypto that shows clearly when and to which rate I bought and sold any of them - Fiat only that is.

This would be really helpful, as of right now it gets quickly cluttered if I do generate a common statement with all the in/out of Vault and inter-coin-exchanges.

Thanx for listening. ;o))

P.S. Coinbase offers this as service so I’m able to generate monthly reports for example.

edit: As I do only have to pay taxes on the profit it would be good to point
out all fees that will be paid.

edit 2: Maybe offer something like cointracking.info does.
As we have no keys we cannot do it our self. :))

edit 2.1: It seems not so easy as I thought. It looks like I should stay with the
whole statement as it is as it is important to document the inter-coin-exchange
as well. As this might be seen as profit. Well I have to do my homework. ;o))))

edit 3: What would be great if those 1.5 percent markup fee would be pointed out.

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I have to reply to myself for heads up and have an important question for you guys.

If I do have cryptos on my Revolut account and I’ll pay with my card and those coins will be used to pay goods what happens with taxes? o.0

I’m wondering because as I do understand I’d have to pay taxes on any exchange as it will be a disposition. Which means that if I pay by card coins will be exchanged to Fiat. And now I’m taking an educated guess that at least here in Germany I have to avoid this situation of “auto exchange” and have to put all my coins into Vault thus payment by card ain’t possible.

Any thoughts on this? ;o))

Yes, it’s complicated and a lot of work.

In principle, you need to track every exchange and its related gains and losses separately. This is a lot of work under normal circumstances, and it is a pain in the a** if using Revolut’s spare change feature in combination with a crypto wallet. You would have to write down holding times and rates for every incremental exchange.

It’s the same as when you would have made an exchange back into Fiat money without making a payment. There is no difference here.

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Thanks for your reply - that’s what I thought as well so it’s a good point to use the cryptocurrencies feature wisely and not use the spare change feature at all for it.

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Yes, I agree. I kind of liked the idea of the spare change crypto vaults, but I decided not to use them because of the tax related hassles. Let’s see if they are going to implement something similar for ETFs.

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And while we talk about it - it will be interesting what happens if XRP
will be declared as security. Any thoughts on this @AndreasK?

Finally . People that want to discuss this very important matter. I highly agree on the discussion and the big hassle calculating tax making it very hard for anyone that trades between cryptos and back to fiat and perheps also by ‘staking’ by getting some in the vault. Actually I am not sure how this vault money are generated? It can’t only be from keeping crypto in the app? Tax rules must change because this is like ‘stone-age tax rules’. But until that it is good to have a way of simplifying the process AND I think that Revlout and others in business needs to facilitate tools for this and this for a broader adaption of cryptos. And also for Revlout and the great ability to buy fractions of stocks BUT then still not helping the user with the big hassle of taxes ; it will still not be very popular OR people can actully end up in trouble without thinking. Facts about the tax rules must be introduced for the user in a more direct and frank way from the first place. I believe it is mor or less the same in the whole EU but don’t know exactly. I do think that Revlout must answer these questions and make it more clear for customers; not only being clear on all the adventageous but also about the problems and disadventageous. For example if I’m buying stocks or funds on a ‘special account’ in Sweden called ISK (InvesteringsSparKonto) then it is a very small flat-rate-tax and that is very easy for the user to understand, and payment is automatically withdrawn without you as a customer having to intervene. That is why this kind of account is extremly popular in Sweden right now instead of the tradional (VP ) account with the old tax rules that is discussed above. Something to strive for and need answers from Revolut in this matter ?? Thank you.