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:
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:
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.