Having trouble with your Uphold taxes? You’re not the only one - many crypto investors are facing the same uphill battle of calculating, reporting and filing their crypto taxes. Fortunately, our simple Uphold tax guide will take you through everything you need to know.
How to prepare Uphold taxes
Crypto is classed as a kind of property - like stocks - which means crypto is subject to Capital Gains Tax upon disposal, or sometimes Income Tax upon acquisition. To identify and calculate your Uphold taxes, you’ll need your Uphold transaction history.
How to download and export Uphold trading and transaction history
There are two simple options for downloading and exporting your transaction history from your Uphold account:
- Use the Uphold API with a crypto tax app: You can export your transaction history from your Uphold account to your preferred crypto tax app using the Uphold API. Then your crypto tax software will calculate your Uphold taxes for you and generate your Uphold tax documents. See full instructions on how to integrate Uphold & Koinly.
- Export your Uphold transaction history as a CSV file. You can download your Uphold transaction history as a CSV file if you prefer. Then you can upload this to your crypto tax software, or do your Uphold crypto taxes yourself.
Does Uphold send tax documents?
Uphold doesn't provide users with tax reports you can file with your local tax office. However, they do issue some US users with 1099 forms.
Does Uphold issue 1099 forms?
Yes, Uphold issues 1099 forms for some US users.
Uphold issues both 1099-B and 1099-MISC forms to users, depending on their investment activity.
Users with $600 or more in income from activities like staking rewards, referral and affiliate bonuses, airdrops and DeFi interest will receive a 1099-MISC form.
Meanwhile, users who have sold or traded crypto on Uphold will receive a 1099-B form.
Your Uphold 1099 form(s) should be available by mid-February of the following tax year at the latest. You can download them by going to activity, then clicking the document icon and selecting the 1099 form you want to download.
Does Uphold supply a financial statement?
No, Uphold does not supply a financial statement. But you can create the Uphold tax documents you need by connecting with a crypto tax app via API or by importing a CSV file of your Uphold transaction history.
Uphold CSV exports
It is quite an easy task to obtain a CSV export of your Uphold data for tax purposes.
- Log in to your Uphold account,
- go to the Uphold activity page,
- select transactions from the drop-down menu, and
- select download as CSV.
You can then use this to calculate your Uphold taxes yourself or upload your CSV file to a crypto tax calculator.
Uphold tax API
Instead of fighting with CSV files - you can use the Uphold API to get your transaction history automatically imported into your chosen crypto tax calculator.
Just log in to your chosen crypto tax app and add your Uphold wallet, then select the API option (set up auto-sync). When you select this, you'll be redirected to Uphold to grant read-only access to your Uphold account. All you need to do is authorize access and your crypto tax app will fetch your transaction data via API.
Does Uphold provide an end-of-year statement?
No, Uphold does not provide an EOY statement for users. But you can use a crypto tax app to generate an end-of-year holdings report if you need one for tax purposes.
Does Uphold have KYC?
Yes, Uphold has a robust KYC process for all users in order to operate in the US, Europe and more. You'll need to provide ID verification in order to set up an Uphold account.
Does Uphold report to the IRS?
Yes, Uphold reports to the IRS. Uphold issues US users with 1099 forms. Whenever you get a 1099 form - the IRS does too.
Does Uphold report to other tax authorities?
Yes, Uphold may report to other tax authorities like HMRC, the CRA, and the ATO.
Since Uphold is licensed in several parts of the world, the exchange may be required to disclose data obtained from KYC verification with tax authorities as requested.
How to generate Uphold forms
There are two ways to do your Uphold crypto taxes and generate your Uphold tax forms - manually or with a crypto tax app. Let’s look at both.
Doing it manually? Get your CSV file of your Uphold transaction history. Then identify each taxable transaction (and whether it’s a capital gain/loss or income), calculate your cost basis for each asset and the subsequent capital gain or loss, as well as the fair market value of any crypto income on the day you received it in your fiat currency.
Or save yourself hours and use a crypto tax calculator. Simply connect Uphold via API or by importing a CSV file of your transaction history and then generate your Uphold tax documents in minutes.
Koinly is a tax calculator and reporting tool that allows users to track and calculate their cryptocurrency assets. Users can generate tax reports unique to their country and tax office in their region, and it supports all major exchanges and wallets. If you’re looking for an easy way to report your Uphold taxes, you should check Koinly out.
Koinly will import your Uphold transaction history and automatically calculate your taxes. Koinly saves you time by presenting your tax information in an understandable way to your tax office. Here are some of the benefits of utilizing the Koinly tax calculator:
- All of the data from your transactions will be imported correctly. Details on sales, purchases, swaps, and rewards etc. will be included.
- It allows you to convert all your transactions into your fiat currency at fair market value, saving you time and effort.
- It helps you figure out which transactions are taxable and which aren't - and separates these out in your tax report.
- Allows you to download a simple crypto tax report for your accountant or tax office.