Yes, Uphold reports your digital asset activity to the Internal Revenue Service (IRS) on Form 1099-DA. For tax year 2026, that form includes cost basis for the first time, following the same broker-wide rule now applying across the industry. Uphold also files Form 1099-MISC for rewards income, and the threshold for that form has changed. It used to sit at $600, but the One Big Beautiful Bill Act raised it to $2,000. On top of that, Uphold issues Form 1099-B for certain disposals, something most other exchanges in this cluster don’t do.
This guide covers what Uphold actually sends the IRS. It also explains how the IRS can track your activity beyond these forms, why your numbers might still need reconciling, and how to report everything correctly.
Key Takeaways
- Uphold also files Form 1099-MISC for rewards income over $2,000, Form 1099-B for certain disposals, and a separate 1099 for USD Interest Account earnings.
- Uphold calculates your cost basis using HIFO by default, a method different from most other exchanges, which usually results in lower reported gains.
How Uphold Reports to the IRS?
Uphold’s reporting depends on which type of activity you engage in. Some of it goes through familiar forms. Some of it is unique to Uphold’s product lineup. The table below reflects current requirements for tax year 2026. Confirm any figures before relying on them, since these thresholds do shift over time.
Form / Requirement | Status for Tax Year 2026 |
Form 1099-DA for gross proceeds | Required if you traded or sold digital assets. No minimum threshold for standard crypto disposals, though stablecoin sales are only reported once your combined proceeds cross $10,000 for the year. |
Form 1099-DA for cost basis | Required starting tax year 2026, under the general broker cost-basis mandate applying industry-wide. Uphold calculates this using HIFO by default. |
Form 1099-MISC for rewards | Required once you earn $2,000 or more from airdrops or staking, including both Boosted Staking and Flexible Staking rewards. |
Form 1099-B / Form 1099-K | Uphold issues Form 1099-B for certain disposals, this can include trading crypto for precious metals or equities, or spending crypto through the Uphold Card. Form 1099-K is not issued. |
Backup withholding | The withholding rules do not apply for tax year 2026. IRS Notice 2025-33 extends the relief through the end of calendar year 2026, with withholding scheduled to begin on transactions made from January 1, 2027. |
CARF (Crypto-Asset Reporting Framework) | The US has not formally signed up to CARF. Instead, Form 1099-DA serves a similar domestic reporting purpose, while cross border information sharing for US taxpayers currently operates through FATCA. |
Note: You’ll only receive these forms if you’ve given Uphold a W-9 and your Social Security Number, and only if your activity met the relevant reporting thresholds.
How Does the IRS Track Your Uphold Transactions?
Form 1099-DA is not the only way the IRS connects your identity to your Uphold activity. Your account verification, automated return matching, and the government’s legal authority to obtain records can give the IRS more visibility than the form alone suggests.
KYC and TIN Linked Account Data
Uphold collects your name, address, and Taxpayer Identification Number (TIN) through your W-9 during account verification. It submits this information with every Form 1099-DA, Form 1099-MISC, and Form 1099-B it files. Once your identity is linked to your account, that link remains even when a different form reports a specific transaction.
Form 1099-DA and IRS Underreporter (AUR) Matching
The IRS Automated Underreporter (AUR) program is a computer system that compares the proceeds Uphold reports with the amounts on your tax return. If the figures do not match, the IRS may send a CP2000 notice or a CP2501 notice.
A mismatch can occur even when your return is accurate, particularly if the reported information does not include your full cost basis. As a result, the IRS may see a difference between the proceeds reported by Uphold and the gain or loss you actually reported.
John Doe Summonses and Legal Requests
The IRS doesn’t need Uphold’s cooperation to obtain records, it can compel them through the courts instead. Under 26 U.S.C. §7609(f), the IRS can petition a federal court for a “John Doe” summons. This forces a business to hand over records on a whole group of customers, even before the IRS knows their individual identities, as long as it shows the group is identifiable and there’s a reasonable basis to suspect noncompliance.
Uphold has not been served with a standalone John Doe summons of its own. But it got swept into one indirectly, through a case tied to a different exchange entirely.
The Real-Life Case
James Harper, the plaintiff in the ongoing Harper v. Werfel litigation, held accounts at three exchanges: Coinbase, Uphold, and Abra. His case centers on the original 2016 Coinbase John Doe summons, but it confirms something important and the IRS obtained his account records across all three platforms as part of the same investigation.
Therefore, using Uphold doesn’t put you outside the reach of an enforcement effort that started somewhere else entirely. Once the IRS has a foothold through one exchange, that visibility can extend to your other accounts too.
Why Your 1099-DA May Not Match Your Actual Gain?
Uphold’s HIFO default usually works in your favor because it sells your most expensive holdings first, which can lower your reported gain. However, HIFO only works correctly when Uphold has your original cost basis on file. If you transferred crypto from another platform, Uphold may not have the purchase data needed to apply HIFO accurately.
This issue can affect anyone who has moved crypto onto Uphold from another platform. For example, Maria bought Bitcoin for $8,000 on another platform in 2023 and transferred it to Uphold in 2024. She sells it for $12,000 in 2026. Because Uphold never recorded the original purchase, its 1099-DA reports $12,000 in proceeds without a basis, even though tax year 2026 is the first year the form generally includes cost basis.
As a result, Maria’s actual gain is $4,000, not $12,000. Without her own records, she may end up reporting a $0 cost basis simply because she cannot establish the actual figure. The effect is that her genuine $4,000 gain can look like a $12,000 gain on her return, which can lead to closer scrutiny or a CP2000 notice or a CP2501 notice. KoinX reconstructs cost basis for transferred assets, so you are not stuck filing with a number you know is wrong.
How to Download Your Uphold 1099-DA and Transaction History?
Uphold doesn’t lump everything into one place. Tax forms like your 1099-DA sit in one section, while broader records like your monthly statements and transaction history live in another, each with its own path through the app. Knowing which one you actually need before you start looking saves a fair bit of hunting.
Download your Form 1099-DA
Here is how you can download your 1099-DA tax form, along with other 1099 forms on Uphold:
- Open the Uphold website and login.
- Tap Activity.
- Tap the Form icon in the top-right corner.
- Tap on the form you want to get. Uphold emails you a download link once it’s ready.
Note: If the download doesn’t work, check that your pop-up blocker is disabled. Try a different browser if the problem continues.
Download Your Transaction History
Beyond your tax forms, Uphold keeps a separate record of everything else, your full transaction history. Now if any of your transactions on Uphold does not have the cost basis reporting in 1099-DA, you can simply download your transaction history and upload it on KoinX. To download that you need to follow the below steps:
- From the same Form icon (marked as above), click on Transaction History.
- Uphold will email your transaction history to your email.
The transaction history exports as a CSV and includes fields like date, origin, destination, and any fees. Convert the CSV file to KoinX template format using KoinX’s very own AI. You can then upload this file on KoinX using Custom File Integration, and let KoinX fetch your Uphold transactions.
Common Misconceptions About Uphold and IRS Reporting
Uphold’s combination of crypto, precious metals, and card spending can create reporting questions that may not arise with a simpler crypto exchange. These features can make it easy to assume that certain transactions fall outside IRS reporting or taxation. However, each feature follows its own reporting and tax rules. The following misconceptions are especially important to clear up.
Uphold Doesn't Report Anything to the IRS
This is false. Uphold reports different types of activity through different tax forms, depending on the transaction. It files Form 1099-DA for covered disposals, and Form 1099-MISC for qualifying rewards. Therefore, your Uphold activity can reach the IRS through more than one reporting channel.
HIFO Means My Cost Basis Is Always Accurate
HIFO can help reduce your taxable gain by using your highest-cost holdings first, but it cannot create cost basis information that Uphold does not have. If you transferred crypto from another platform, Uphold may not have the original purchase details needed to apply HIFO correctly. As a result, the method itself does not guarantee that the cost basis shown or used for your transactions is accurate.
Only Cashing Out to USD Is Taxable
Taxable activity is not limited to selling crypto for US dollars. A taxable disposal can occur whenever you exchange or use crypto in a transaction that counts as a disposition. For example, swapping one cryptocurrency for another, trading crypto for precious metals, or spending crypto through the Uphold Card can all create a taxable event. Therefore, keeping the proceeds in crypto does not automatically avoid tax.
The Uphold Card Doesn't Trigger Tax Reporting
Using the Uphold Card with crypto can create a taxable disposal because the crypto used to make the payment is treated as disposed of. Depending on the transaction, that activity can also trigger Form 1099-B reporting. In other words, spending crypto through the card is not separate from your tax obligations simply because you used a payment feature instead of manually selling the crypto first.
Small Trades Won't Get Reported
There is no general minimum transaction amount that automatically keeps a qualifying disposal off Form 1099-DA. The specific $10,000 stablecoin threshold is an exception, but it does not create a broad exemption for other small crypto trades. As a result, qualifying disposals can feed into the total Uphold reports to the IRS even when individual transactions are relatively small.
Using a Smaller Platform Like Uphold Keeps Me Off the IRS's Radar
Using a smaller platform does not prevent the IRS from obtaining information about your activity. The Harper v. Werfel case illustrates this clearly. James Harper held accounts with Coinbase, Uphold, and Abra, and the IRS obtained records from all 3 platforms as part of the same investigation. Therefore, the size or profile of an exchange does not determine whether the IRS can access its records.
How to Report Your Uphold Trades Correctly?
Reporting your Uphold activity correctly comes down to 3 connected steps: first, calculate your actual gain or loss, then reconcile it with the information Uphold reported, and finally report the amounts on the correct tax forms. This reconciliation matters because Uphold uses HIFO by default and supports several transaction types that may appear across different tax forms.
Step 1: Calculate Your Actual Gain or Loss
Start with your Uphold transaction history rather than relying only on the proceeds shown on Form 1099-DA. Calculate the actual gain or loss for each disposal using your real cost basis, including crypto you transferred into Uphold from another platform. KoinX can automate this calculation and help fill cost basis gaps that Uphold’s HIFO method cannot resolve on its own.
Step 2: Reconcile Against Your Tax Forms
Once you have calculated your actual results, compare them with what Uphold reported to the IRS. Check Form 1099-DA, Form 1099-MISC, and Form 1099-B, if applicable, and trace any differences back to their source. Missing cost basis or transfers that Uphold never recorded can explain why your calculated figures do not match the amounts on your tax forms.
Step 3: File Form 8949 and Schedule D
After reconciling the figures, report each taxable disposal individually on Form 8949 and carry the resulting totals to Schedule D. Report rewards and interest income separately on Schedule 1 rather than combining them with your capital gains. Finally, keep your transaction history and reconciliation records so you can explain any differences if the IRS later sends a CP2000 notice or a CP2501 notice.
Conclusion
Uphold reports different types of activity through multiple IRS forms, including Form 1099-DA for covered digital asset disposals, Form 1099-MISC for qualifying rewards, Form 1099-B for certain transactions, and a separate form for interest income. Its HIFO default can also help reduce your reported gain, but only when Uphold has the correct cost basis on file.
That makes checking your basis especially important if you have transferred crypto into Uphold from another exchange or wallet. Sign up for KoinX to connect your Uphold account, automatically import your transactions, reconstruct missing cost basis, and reconcile your activity against your tax records. With automated transaction tracking and gain or loss calculations, KoinX helps you prepare accurate figures before you file.
Frequently Asked Questions
When Is the Deadline to File My Uphold-Related Crypto Taxes?
US federal tax returns are due April 15, 2027, the same deadline that applies to any other income or capital gains. This covers all reportable Uphold activity from the prior calendar year, regardless of which forms Uphold issued or whether you crossed any specific reporting threshold during that period.
How Long Can I Access My Old Uphold Tax Documents?
Monthly statements remain available for 7 years after they’re generated, giving you a long window to retrieve historical records if needed. Tax forms themselves, like your 1099-DA or 1099-MISC, are best downloaded and saved as soon as they’re issued rather than relied on indefinitely through the app.
Do I Still Owe Taxes if My Uphold Activity Didn't Cross a Reporting Threshold?
Yes. Reporting thresholds determine whether Uphold sends you a specific form, not whether you owe tax on the underlying activity. Even if your staking rewards stayed under $2,000, or your stablecoin sales stayed under $10,000, any resulting gain or income is still yours to calculate and report.
Is My Uphold Gain Considered Short-Term or Long-Term?
It depends on how long you held the asset before selling. Crypto held for one year or less generates a short-term gain or loss, taxed at your regular income rate. Holding it for more than a year qualifies it as long-term, which typically comes with a lower tax rate on any profit.
Can I Use Crypto Losses on Uphold to Reduce My Tax Bill?
Yes. A loss on a trade can offset gains from other crypto sales, lowering your overall tax liability for the year. This works the same way regardless of whether the losing trade happened on Uphold or another platform, since capital losses are calculated across your full portfolio, not exchange by exchange.
