Do I have to pay taxes on crypto transfers out of Robinhood? I transferred crypto out of Robinhood but the document assumes I sold it. Can I change the cost basis?

Crypto transfers out of Robinhood are assumed to be sold at that date when in reality it was transferred to another wallet.

327

Expert Alumni

Mar 6, 2023 2:31:55 PM

No.

You owe no taxes when transferring your crypto currency to another wallet. You do not report thi transfer on your tax return.

In the transfer, your cost basis does not change.