Self custody help

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Self custody help

Hey all!

I was hoping someone could guide me in the right direction. I have my cold wallet setup and tested with a few bucks in there. I have (to me) a decent amount in Robinhood and I’m looking to pull it all off.

My question though is if I pull it off and store it for a few years, when I’m ready to sell or exchange and put it back on Robinhood will they have all of the information I need in order to file taxes properly? Or is this something I have to track myself?

Also, sending crypto to your wallet doesn’t trigger a tax event right? Considering it’s property just being transferred until sold or exchanged?

Just trying to cover my basis because I’ve read about nightmares in crypto tax world. How much does koinly cost? Is that worth it as well? Shouldn’t have to use it if everything is done on Robinhood right?

Thanks for all the help in advance! I appreciate it.

Lakshitha Kumara Answered question November 26, 2024
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You didn’t mention your jurisdiction but in most cases you only pay taxes on the capital gains. You should download your transactions list from Robinhood. In general taxes are your responsibility, not theirs.

Lakshitha Kumara Answered question November 26, 2024
0