@lulukern123 thank you for the question. So, for background a cold wallet is a type of cryptocurrency wallet that securely stores your private crypto keys offline, usually on a physical device. It's also known as a hardware wallet, and it protects your digital crypto assets from online hackers by using a flash drive-like device that isn't connected to the internet.
Moving cryptocurrency between a Coinbase wallet and the cold wallet y is not taxable. You should keep records of your wallet-to-wallet transfers to easily calculate capital gains and losses in the case of a future disposal. Also, you may pay taxes on cryptocurrency disposed of while paying transaction fees for wallet-to-wallet transfers.
Be well and safe.
All the best,
Marc T.
TurboTax Live Select Time Tax Expert
26 Plus Years of Experience Helping Clients
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