What happens if you don’t report your crypto trades on your US tax return?
Uphold, just like every other US crypto platform, has a legal requirement to report to US customers and to the IRS all taxable transactions that occurred on our platform for the year. The relevant 1099 forms for each year will be available on our app for download.
You also have a legal duty to report your crypto dealings to the IRS if you are a US resident or citizen. We ask that you contact your tax advisor to assist with reporting of your crypto transactions.
Uphold also has a legal duty to collect Social Security Numbers (i.e. Taxpayer Identification Numbers “TIN”). Having the proper TIN on file with Uphold as well as the correct residential address will allow for easier compliance with US reporting requirements.
If you’ve got questions about how to minimize your crypto tax bill, contact our partners TaxBit. There’s a special discount for Uphold users.