How do tax on stocks work if i transferred brokerages?

[janson12345]

My situation: I transferred stock out of Robinhood and into Webull due to a promotion they were doing. If i sell all my stocks on webull, does the IRS already know how much i originally paid for it and what my capital gain is? or will i get taxed on the whole amount? (For example, if i buy 1 apple for $80 on robinhood, transfer stock to different brokerage, webull. When I sell that stock for $100, will i get taxed for $20 or $100 profit. )

[VolvoGirl]

How did you transfer it?  Did you transfer the actual shares or did you do a sell from Robinhood and then a buy at webull?  No the IRS might not know your cost.  Webull might not even know your cost.  So you will have to enter each sale and enter the cost to figure the gain or loss on each sale.  You are only taxed on the gain, not the total proceeds.

[janson12345]

Hi! Thanks for responding, I transferred the stock out using a partial ACATs transfer. I guess the main point of the question is, does Webull receive info on my purchase price after I transferred? Might be a question for Webull instead of turbotax but I just wanted to see if there was a well-known solution I was missing.