CoinUphold

How to Do Your Uphold Taxes

How To Do Your Uphold Taxes

CoinLedger imports Uphold data for easy tax reporting. Create the appropriate tax forms to submit to your tax authority.

Uphold Tax Reporting

You can generate your gains, losses, and income tax reports from your Uphold investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below.

  • Uphold exports a complete Transaction History file to all users. Simply navigate to your Uphold account and download your transaction history from the platform.
  • Import your transaction history directly into CoinLedger. Import the file as is. No manual work is required!
  • CoinLedger automatically generates your gains, losses, and income tax reports based on this data.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Uphold Tax Reporting

You can generate your gains, losses, and income tax reports from your Uphold investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below.

  • Uphold supports importing data via read-only API. This allows automatic import capability so no manual work is required.
  • Connect CoinLedger to your Uphold account with the read-only API.
  • Let CoinLedger import your data and automatically generate your gains, losses, and income tax reports.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Uphold Tax Reporting

You can generate your gains, losses, and income tax reports from your Uphold investing activity by connecting your account with CoinLedger. There are a couple different ways to connect your account and import your data:

  • Automatically sync your Uphold account with CoinLedger via read-only API. This allows your transactions to be imported with the click of a button.
  • Upload your Uphold Transaction History CSV file to CoinLedger. You can download your Transaction History CSV directly from Uphold and import it into CoinLedger

Both methods will enable you to import your transaction history and generate your necessary crypto tax forms in minutes. File these forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Uphold Tax Reporting

You can generate your gains, losses, and income tax reports from your Uphold investing activity by connecting your account with CoinLedger. There are a couple different ways to connect your account and import your data:

  • Automatically sync your Uphold account with CoinLedger by entering your public wallet address. This allows your transactions to be read in directly from the blockchain.
  • Upload a Uphold Transaction History CSV file to CoinLedger

Both methods will enable you to import your transaction history and generate your necessary crypto tax forms in minutes. File these forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Uphold Tax Reporting

You can generate your gains, losses, and income tax reports from your Uphold investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below:

  • Navigate to your Uphold account and find the option for downloading your complete transaction history.
  • Import your transaction history directly into CoinLedger by mapping the data into the preferred CSV file format.
  • CoinLedger automatically generates your gains, losses, and income tax reports based on this data.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

How Cryptocurrency Taxes Work

Cryptocurrencies like bitcoin are treated as property by many governments around the world—including the U.S. Other forms of property that you may be familiar with include stocks, bonds, and real-estate.

Just like these other forms of property, cryptocurrencies are subject to capital gains and losses rules, and you need to report your gains, losses, and income generated from your crypto investments on your taxes.

For a complete and in-depth overview, please refer to our Complete Guide to Cryptocurrency Taxes.

How To Do Your Crypto Taxes

To do your cryptocurrency taxes, you need to calculate your gains, losses, and income from your cryptocurrency investments in your home fiat currency (e.g. US Dollar, Australian Dollar, etc.).

Once you have your calculations, you can fill out the necessary tax forms required by your country. If you are in the United States, you can learn which forms you need to fill out with our blog post: How to Report Cryptocurrency On Your Taxes.

Why Can't Uphold Generate My Tax Forms?

Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of Uphold. Perhaps you also trade on Coinbase or earn interest from BlockFi. The trouble with Uphold's reporting is that it only extends as far as the Uphold platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of Uphold, Uphold can't provide complete gains, losses, and income tax information.

How Does Cryptocurrency Tax Software Help?

By integrating with all of your cryptocurrency platforms and consolidating your crypto data, CoinLedger is able to track your profits, losses, and income and generate accurate tax reports in a matter of minutes.

You can test out the software and generate a preview of your gains and losses completely for free by creating an account.

Learn more about how CoinLedger works here.

Looking to report your Uphold transactions on your taxes? 

Many crypto investors have trouble finding accountants and software solutions that can provide help with taxes. That means that reporting crypto transactions can turn into a struggle.  

To help simplify the process, our tax team put together this simple guide on how to report your Uphold transactions to the IRS.

What is Uphold? 

Uphold was founded in 2014 by Halsey Minor, who previously founded the media company CNET. Since its inception, the company has raised almost $75 million in funding. 

Today, Uphold allows investors all over the world to invest in assets secured by the blockchain including cryptocurrencies, precious metals, and stocks. The platform currently supports more than 20 fiat currencies and more than 75 cryptocurrencies. 

How are my Uphold transactions taxed? 

Cryptocurrencies are considered property and are subject to capital gains tax upon disposal and ordinary income tax when earned. 

Capital gains tax: Every time you dispose of cryptocurrency, you’ll incur a capital gain or loss depending on how the price of your crypto has changed since you originally received it. Selling your cryptocurrency on Uphold is considered a disposal event. 

Ordinary income tax: When you earn cryptocurrency, you’ll recognize income based on the fair market value of your cryptocurrency. 

For more information about how cryptocurrency is taxed, check out our complete guide to cryptocurrency taxes

How is my Uphold debit card taxed? 

Uphold has announced plans to release a debit card that offers rewards in USD and cryptocurrency. 

While the IRS has not issued guidance on cryptocurrency debit cards, rewards for debit card purchases have long been considered non-taxable rebates. 

For more information, read our blog post on how crypto debit cards are taxed

Does Uphold report to the IRS? 

Uphold issues 1099-B forms to customers and the IRS that contain details about disposals of cryptocurrencies and other properties.

If you do not report transactions that are contained on your 1099-B form on your taxes, it’s likely that your transaction will be flagged and you will be automatically sent Notice CP2000. 

What should I do if I receive a Form 1099 from Uphold? 

If you receive a Form 1099-B from Uphold, it’s important to note that the IRS also received a copy of this form. 

Unfortunately, these 1099-Bs from cryptocurrency providers like Uphold often do not have all the information you need to accurately report your taxes

Why doesn’t Uphold give me a complete tax report? 

Form 1099-B can contain inaccuracies if you’ve ever transferred cryptocurrencies into or out of Uphold. 

Because investors often transfer cryptocurrencies between different platforms, it’s very difficult for exchanges to track original cost basis and gross proceeds for each individual coin. Unfortunately, this is information that’s needed to calculate your capital gains and losses. 

Luckily, there’s an easier way to file your crypto taxes. Cryptocurrency tax software like CoinLedger can generate a complete crypto tax report in minutes. 

How to do your Uphold Taxes 

Want to report your Uphold taxes with CoinLedger? Here’s how you can complete the process in 5 simple steps. 

Step 1:

On your Uphold account, click on the Activity tab on the left-hand side of the wallet.

Uphold tax reporting

Step 2:

Click on the Document icon to the left of the Activity title.

Uphold reporta

Step 3:

Click the Generate Report button.

Uphold generate report

Step 4:

Check your email for the Transaction history request you just made and click Download.

Uphold download transaction history

Step 5:

Upload your transaction history file into the Uphold tab of CoinLedger app.

Uphold taxes

And that’s it! You’ll then be able to upload your transactions from other exchanges and wallets so you have everything in one place. Once you’re done, you’ll be able to generate complete capital gains and income tax reports based on all of your crypto transactions with the click of a button. 

File your cryptocurrency taxes today 

Don’t wait until the deadline to report your Uphold transactions. With CoinLedger, you can report transactions on Uphold and dozens of other exchanges in minutes. Join the 300,000+ investors who use the platform to simplify the tax reporting process. 

Get started with a free preview report today

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