Reasons Why You Should Keep Track of Your Uphold.com Trades
- With the recent market, the IRS and other countries tax services are more interested in the crypto environment and will try to get the most out of the gains made in the last months. In case you want to cash out some of your gains or plan to use them legally in the future, you should report your crypto gains in your tax report (remember also, crypto-crypto trades are taxable).
- You can easily lower your tax burden in most countries if you can prove that your Holdings are older than 1 year. A proper record keeping allows you to do that.
- If you plan to cash out some of your gains into your bank, you often have to prove where you got your funds from.
- By importing all historical transactions in a Portfolio tracking tool, you can analyze your performance and the overall gains you made in crypto.
This article describes how you can get all of those benefits with a simple 3 step process that takes only a few minutes of your time
Step by Step Guide
1. Sync your Uphold.com Account with ACCOINTING.com
This step shows you how to connect your Uphold.com Account with Accointing. Accointing will only be able to read historical trades and transfers and will not have access to your Uphold Account and Funds.
Uphold offer a direct auth0 connection which makes it super easy to sync your account. Just click on the connection button and login to your uphold account. You can find this step here.
After you have finished this step you’ll find your Holdings and your historical Trades in the Dashboard.
Once you have all your Uphold.com connected with ACCOINTING.com, it’s important to also sync your other Exchanges and Wallets in order to get accurate results. ACCOINTING.com supports more than 70 Exchanges and Wallets with a direct connection. You can find a full list here: https://www.accointing.com/de/wallets-exchanges.
2. ACCOINTING.com calculates all Uphold.com gains, losses and taxes automatically
This step doesn’t require any action from your side. The only thing you have to make sure is that you chose the correct country: https://www.accointing.com/app/settings.
ACCOINTING.com uses different calculation methods and they are all preset for your country: FIFO, LIFO, HIFO, Multiple Depot, Single Depot, HMRC Pooling (incl. Bed and Breakfast).
3. File your Uphold.com Tax Report
After you synced your Uphold.com Account and your other Wallets and Exchanges you’ll find all sorts of analysis tools and insights in your Portfolio.
The Tax Report Feature allows you to easily create a tax report for the current year or for all past years you’ve been in crypto.
ACCOINTING.com creates country specific crypto tax reports. The only thing you have to make sure is that you select the correct country in the settings.
Use the 10% Discount code for the Report: UPHOLD2021