RevoGain allows you to generate a gain report for your Revolut™, Kraken™ and Tradesilvania™ trading statements.
Why use RevoGain?
While trading stocks or crypto is fairly easy these days, most platforms do not provide proper trading gain reports that you can use to fill in your local tax forms.
Whenever you are selling a stock, crypto, or commodity, a taxable income is realized. So, to fill in your local tax reports, you will need to know how much profit you've realized.
If you ever tried to figure out how much gain you've made trading stocks, crypto, and precious metals on Revolut, Kraken or Tradesilvania, you probably experienced what a daunting task this is. Even with the best Excel or analytics skills, this is a very complex process for the following reasons.
The IFRS (International Financial Reporting Standards) banned the use of the LIFO (Last In, First Out) accounting strategy, and for this reason, RevoGain uses the FIFO (First In, First Out) method when calculating the trading gains.
Handling stock splits and reverse splits
Stocks may undergo split or reverse splits. For instance, Nvidia did a 4-for-1 stock split on the 20th of July 2021. If you bought Nvidia before the split and sold it after the 20th of July, then the cost basis changes. Hence, you need to take it into consideration in order to calculate your trading.
It's not unusual for companies to split or reverse split their stocks. For instance, Apple and Tesla also split their stocks in 2020.
For a step-by-step example of how stock splits affect trade gains, check out this example. If you don't want to spend your time manually tracking all these stock splits when calculating your trading gains, then you should definitely use RevoGain.
Handling foreign currency transactions
On Revolut, Kraken, or Tradesilvania you can buy cryptocurrency with a wide variety of Fiat money ($, €, £):
When calculating your gains, you will have to convert all those foreign currencies to a base currency in order to know how much gain you've made.
RevoGain supports a wide variety of foreign currencies and can do all these tedious currency conversions for you.
Handling multi-cryptocurrency transactions
Not only can you buy crypto with Fiat money, but you can actually buy or sell one crypto for another.
For instance, you can buy
ETH and sell it for
Every time you are selling crypto, it doesn't matter whether you sold it for Fiat money or other cryptos since the transaction is eligible for being taxed. The problem is Revolut, Kraken, or Tradesilvania don't specify the selling price whenever you are trading one crypto for another.
RevoGain can track the selling price of all cryptocurrencies for you so you can enjoy spending your time doing the things you love.
Handling cryptocurrency staking
Not only can RevoGain help you calculate your trading gains, but it allows you to calculate the gains from staking crypto. For more details about this topic, check out this crypto staking tax guide.