Taxes FAQ

It is important to note that you have a responsibility to self-report and pay taxes on all taxable gains. If you have any questions, we suggest you consult with a tax accountant or advisor to ensure you are filing and paying your taxes correctly. You can visit the IRS website to learn more: http://www.irs.gov/pub/irs-drop/n-14-21.pdf.

Will Uphold provide members with a 1099-K form? 

Uphold has provided a digital download of the 1099-K form to U.S. members who have a U.S. mailing address, a U.S. Tax ID or TIN and the following applies to your account:

  • Have executed an aggregate amount in excess of $20K in 2017; and
  • Completed more than 200 distinct transactions; transactions include;
    • Deposits of any currency;
    • Internal transfers (Member A to Member B) of any currency;
    • Transfers within members wallet from/between card A and card B or between any two currencies

The 1099-K and Cost Basis Report can be accessed and downloaded directly from your Uphold wallet.

Here is a step-by-step guide how to do so:

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In addition to the 1099-K, our team has created a Cost Basis Report which provides a detailed log of all your 2017 account activity within Uphold. This report provides all the data needed to complete a Form 8949 for your tax filing.

 

Here is an easy to follow guide how to access the Cost Basis Report:

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Important to note: This FAQ does not constitute financial, legal or tax advice. Tax laws and regulations change frequently. You are responsible for consulting with your own tax professional/advisor regarding specific tax requirements and obligations. Uphold is not responsible for ensuring you provide accurate or adequate reporting made by you or your tax professional on your tax returns.




 

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