How to calculate your Uphold taxes

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Last updated:
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Sam Adams
Samantha Adams
Head of Content

Recap has a comprehensive integration with Uphold that makes it easy to manage your crypto tax calculations. Sign up for Recap and link your Uphold account to securely monitor each transaction, manage your cryptocurrency portfolio, and effortlessly automate your taxes.

*Disclaimer: The information provided in this content does not endorse Uphold. Furthermore, it does not constitute tax advice. If you are uncertain about any financial or tax-related matters, we strongly recommend seeking guidance from a qualified tax professional. Additionally, you may utilise our accountant and professional advisor sharing features.

What is Uphold?

Uphold is a digital money platform that allows trading between over 200 currencies and commodities, including cryptocurrencies. It was founded in 2103.

Here's a breakdown of what Uphold offers:

  • Multi-Asset Trading: Allows users to trade between cryptocurrencies, fiat currencies, and precious metals within one platform.
  • Digital Wallet: Provides a secure wallet for storing a wide range of assets, with features for easy transfers and transactions.
  • Cross-Asset Transfers: Facilitates seamless transfers between different asset classes without the need for conversion to fiat.
  • Recurring Transactions: Supports automated, recurring transactions for users who want to regularly invest in or trade specific assets.

How to automate your Uphold crypto taxes with Recap

You can make the process of calculating your taxes stress-free with our crypto tax software. Connect your Uphold account to Recap, and our system will classify and value all transactions using our unique fair-market valuation engine and determine your tax liability.

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How are Uphold Transactions Taxed?

Tax implications on your Uphold transactions differ based on transaction types and your tax jurisdiction. Here are the tax guidelines for the different transaction types on Uphold:

Transaction typeCGTIncomeTracked in Recap
Deposits
Withdrawals
Buying crypto with fiat
Crypto to crypto
Selling crypto for fiat
Earning staking rewards

Refer to our tax guides for a more detailed look at crypto tax rules.

Help Guides

Connecting your Uphold account

How to sync your Uphold activity within Recap.

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Connecting your Binance account

A step-by-step guide for connecting your Binance account to Recap.

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The Tax Reports

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Automate your Uphold tax reporting - takes 5 mins.

  • 1

    Sign up to Recap

  • 2

    Set up auto sync with our step by step guide

  • 3

    Generate your tax report ready to self-file or share with your accountant

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FAQs

Do I need to pay tax on my Uphold transactions?

Yes, you may need to pay tax on your Uphold transactions. Tax obligations vary depending on your country’s tax laws and the nature of your transactions. Common taxable events include selling cryptocurrency, trading between coins (crypto to crypto), and making purchases with crypto.

Do the tax authorities know about my Uphold transactions?

Tax authorities may become aware of your Uphold transactions through various means, such as data-sharing agreements between crypto exchanges and tax authorities or during tax audits. It's essential to report your crypto transactions to avoid penalties accurately. Using a crypto tax software like Recap can help ensure your transactions are properly recorded and reported.

What is the benefit of using a crypto tax calculator?

A crypto tax calculator automates the process of calculating taxes on your cryptocurrency transactions, providing accurate tax liability figures and ensuring compliance with tax regulations without manual calculations.