Uphold does not provide tax advice. This material is intended for informational purposes only and should not be considered personalized advice or a recommendation. You should consult a qualified tax professional to address your specific tax situation.
Will I receive a tax form from Uphold?
We provide tax forms to registered U.S. persons who have submitted a W-9 form with their SSN.
- If you traded, or disposed of any digital assets (including stablecoins) in 2024, you will receive a Form 1099-B.
- If you received staking or airdrop rewards in excess of $600 aggregate you will receive a Form 1099-MISC.
- If you received interest on your USD Interest Account, you’ll receive its dedicated USD Interest Account 1099 tax form.
Please Note: Simply buying and/or holding an asset is not a taxable event.
When can I download my Tax Forms?
All 1099 forms for the 2024 tax year period are available to download via the app for those eligible.
If you qualify, you should have received a notification in the app and an email with instructions on how to download your form.
How can I access my Tax Forms?
- Go to Menu > Activity.
- Tap the Form icon on the top-right of your screen.
- Use the dropdown menu to select the form you need.
- Tap “Generate report” to download the form
Having trouble downloading your tax form or transaction history?
If you’ve requested your tax form or transaction history, you’ll receive an email with a download link.
If you are using a computer, make sure your browser or any extensions aren’t blocking pop-ups, as this can prevent the file from downloading. If the download doesn’t start:- Disable your pop-up blocker and try again
- Or try using a different browser
What is the deadline to submit taxes in the U.S.
The US tax filing deadline falls on April 15, 2025.
General Information about taxation on Crypto currencies in the U.S.
Is cryptocurrency taxable in the United States?
Yes, the Internal Revenue Service (IRS) treats cryptocurrencies as property, and any gains or losses from cryptocurrency transactions are subject to taxation.
What constitutes a taxable event in the crypto world?
A taxable event occurs when you sell or trade your cryptocurrency.
Please Note: Simply buying and/or holding an asset is not a taxable event.
How are cryptocurrencies taxed?
Cryptocurrencies are subject to capital gains tax. The tax is calculated based on the fair market value of the cryptocurrency at the time of the acquisition and the cost basis (usually the purchase price). The difference between the two determines the capital gain or loss.
What is the holding period for determining capital gains?
The IRS distinguishes between short-term and long-term capital gains based on the holding period. If you hold the cryptocurrency for one year or less before selling, it is considered a short-term capital gain or loss. If you hold it for more than one year, it is considered a long-term capital gain or loss.Long-term gains generally have lower tax rates.
Can I reduce my tax liability through crypto losses?
Yes, you can offset your capital gains by deducting capital losses. If your losses exceed your gains, you may be able to deduct the remaining losses from your overall taxable income, subject to certain limitations.