Tax season doesn’t have to be complicated — even with crypto in the mix.
For U.S. taxpayers, it’s about making sure you’ve accounted for all taxable events across your digital asset activity.
If you earned interest on your USD balance, staked tokens, received airdrops, or sold digital assets through Uphold, this guide has you covered. We’ll walk you through what’s taxable, what forms Uphold provides, and where to find everything you need to file with confidence — and stay compliant.
In this guide we’ll walk you through:
- How the IRS classifies crypto
- What types of crypto activity are taxable
- Which tax forms Uphold may provide
- Where to access those forms and your transaction history
Note: This guide is informational and not tax advice. Speak with a certified tax professional for personalized guidance.
How the IRS Views Crypto
The IRS treats digital assets as property, not currency. This means most crypto transactions are taxed similarly to stocks or real estate — depending on whether they generate income or capital gains.
Taxable Events:
Whenever you dispose of crypto — whether by selling, trading, or using it — you may generate a taxable event.
Examples include:
- Selling crypto for fiat (e.g., converting BTC to USD)
- Trading one crypto for another (e.g., ETH to SOL)
- Using crypto to purchase goods or services
- Receiving crypto via staking, airdrops, or interest
These activities are generally reported to the IRS as either ordinary income or capital gains and may appear on a 1099 form.
Non-Taxable Events:
Some crypto activities don’t count as taxable events:
- Buying and holding crypto (HODLing)
- Transferring assets between wallets you own
Although not reportable, it’s wise to keep records of all transactions. Read here for additional information on US tax forms.
What Crypto Activity is Taxable?
Understanding what triggers a tax event is key to accurate filing. Here’s how different types of crypto activity stack up:
| Activity | Taxable? | Form You May Receive |
|---|---|---|
| Earning interest on USD balance 1 | Yes, ordinary income | USD Interest Account 1099 Tax Form 2024* |
| Staking or airdrop rewards ($600+) | Yes, ordinary income | 1099-MISC |
| Selling crypto for fiat (e.g., BTC → USD) | Yes, capital gains/losses | 1099-B |
| Trading crypto (e.g., ETH → USDC) | Yes, capital gains/losses | 1099-B |
*Even if you don’t receive a USD Interest Account 1099 Tax Form 2024, you’re still required to report all interest earnings — no matter how small. Note that this form will only be received by customers on accounts that earned $10 or more in interest.
1 This includes interest earned from our USD interest accounts which is also taxed as ordinary income. For more, visit here.
What Tax Forms Will You Get from Uphold?
Uphold may issue tax forms depending on your activity and account status. To receive forms, both of the following must apply:
- You're classified as a U.S. person (citizen or resident)
- You've submitted a valid W-9 to Uphold
If eligible, here are the forms you might receive:
| Form | What It's For |
|---|---|
| USD Interest Account 1099 Tax Form 2024 | Interest earned on USD holdings |
| 1099-MISC | Staking or airdrop rewards ($600+) |
| 1099-B | Sales or trades of crypto, including stablecoins |
Even if a form isn’t issued due to income thresholds, you are still required to report taxable activity on your return.
How to Access Your Tax Documents on Uphold
Once your forms are available, retrieving them is quick and easy. Here’s how:
- Open the Uphold app or log in on desktop
- Tap Menu > Activity
- Look for the 📄 icon in the top right
- Select the form you need from the dropdown
- Tap Generate Report to download
If no forms appear, it doesn’t necessarily mean you have nothing to report. Use the platform to generate a custom report or access your full transaction history.
Crypto Tax Checklist: What to Do Before April 15
Use this checklist to make sure you’re organized and on track to file accurately:
- ✅ Check your Uphold account – See if any tax forms (USD Interest Account 1099 Tax Form 2024, 1099-MISC, 1099-B) have been issued.
- ✅ Report all USD interest – Even small amounts not reported on a form must be included in your filing.
- ✅ Review your transaction history – Ensure all reportable crypto activity is accounted for.
- ✅ File by April 15, 2025 – Avoid penalties or interest by submitting your return on time.
- ✅ Consult a tax professional – If you have complex activity (DeFi, NFTs, multiple wallets), expert advice is key.
For more help, visit Uphold’s Help Center or talk to your tax advisor to ensure full compliance this season.
