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.
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.
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.
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.
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:
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.
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:
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.
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:
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.
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.
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. USÂ 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.
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.
By integrating with all of your cryptocurrency platforms and consolidating your crypto data, CoinLedger’s cryptocurrency tax software and crypto portfolio tracker are able to track your profits, losses, 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?Â
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. Â
To help simplify the process, our tax team put together this simple guide on how to report your Uphold transactions to the IRS.
Want to report your Uphold taxes with CoinLedger? Here’s how you can complete the process in 5 simple steps.Â
Step 1:
On your Uphold account, click on the Activity tab on the left-hand side of the wallet.
Step 2:
Click on the Document icon to the left of the Activity title.
Step 3:
Click the Generate Report button.
Step 4:
Check your email for the Transaction history request you just made and click Download.
Step 5:
Upload your transaction history file into the Uphold tab of CoinLedger app.
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.Â
Cryptocurrencies are considered property and are subject to capital gains tax upon disposal and ordinary income tax when earned.Â
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.Â
Ordinary income tax: When you earn cryptocurrency, you’ll recognize income based on the fair market value of your cryptocurrency.Â
For more information about how cryptocurrency is taxed, check out our complete guide to cryptocurrency taxes.Â
The Uphold debit card allows users to spend cryptocurrency and earn rewards.Â
While the IRS has not issued guidance on cryptocurrency debit cards, rewards for debit card purchases have long been considered non-taxable rebates.Â
For more information, read our blog post on how crypto debit cards are taxed.Â
Uphold issues Form 1099-MISC and Form 1099-B to customers and the IRS. These forms contain details about your income and capital gains.Â
If you do not report transactions that are contained on your 1099 forms on your taxes, it’s likely that your transaction will be flagged and you will be automatically sent Notice CP2000.Â
If you receive a Form 1099-B from Uphold, it’s important to note that the IRS also received a copy of this form.Â
Unfortunately, these 1099-Bs from cryptocurrency providers like Uphold often do not have all the information you need to accurately report your taxes (more on this in the section below).
Form 1099-B can contain inaccuracies if you’ve ever transferred cryptocurrencies into or out of Uphold.Â
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.Â
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.Â
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 500,000+ investors who use the platform to simplify the tax reporting process.Â
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Join 500,000 people instantly calculating their crypto taxes with CoinLedger.
