If you're living the United States and using Uphold for some or all of your crypto trading, you should have received a notice in-app or via email to fill out your W-9 tax form by December 9th, 2022. In a recently updated post in their help center, Uphold has advised users that their accounts will be restricted if the required tax form is not received by this date. The change comes after recent tax law changes within the Infrastructure Investment and Jobs Act.
It is a requirement for each Customer who is a U.S. Person, or U.S. resident alien to complete a W-9 in order to use our services. Customers who have not certified their TIN via a Form W-9 will have their account restricted until rectified. - Uphold Help Center
Disclaimer: I am not a financial advisor. It's your responsibility to do extensive research and consult a professional before investing. This post also contains some affiliate links which may give a small payout to the author and/or a bonus to new users who may choose to use apps or services mentioned.
Uphold is currently one of the required wallets needed for withdrawal from various popular play-to-earn and use-to-earn apps. For instance, Uphold is the only wallet supported for US players of Coin Hunt World, and only one of two available to receive BAT rewards from the Brave Browser.
I spent a few moments myself this morning taking care of this new requirement, and fortunately the steps are quick and painless. After logging into your Uphold App, you should see a notification about the W-9 form requirement on your Portfolio page. Clicking this notification will take you to a form provided by TaxBit, which should already be pre-populated with the relevant information you've already provided to Uphold during the KYC process. Review the information for accuracy and click your acceptance, and that's it! Regardless of your thoughts about crypto currency and taxation, I appreciate Uphold making the process relatively painless.
Valdyr is a "crypto-curious" blogger living in Texas with her husband and their ancient dachshund, Henry. When she's not working as an audio/visual technician or stagehand, you'll frequently find her traveling, hiking or enjoying a good craft beer. For more reading, check out www.laurahofford.com/blog/
