Hey everyone, quick question. Does Robinhood consider transfers to a different wallet as sales? For example, if I buy Bitcoin on Robinhood and send it to my own wallet, will I get a 1099-B showing Bitcoin sales?
No, it shouldn’t be considered a sale.
Aspen said:
No, it shouldn’t be considered a sale.
Is there a better option out there? I’ve looked at Coinbase, but the fees seem a bit high. I don’t have much to invest, so I’m trying to keep costs down while buying Bitcoin.
Aspen said:
No, it shouldn’t be considered a sale.
Is there a better option out there? I’ve looked at Coinbase, but the fees seem a bit high. I don’t have much to invest, so I’m trying to keep costs down while buying Bitcoin.
For low fees, Strike, River, and Swan are popular options. Kraken is also great and worth considering.
Aspen said:
No, it shouldn’t be considered a sale.
Is there a better option out there? I’ve looked at Coinbase, but the fees seem a bit high. I don’t have much to invest, so I’m trying to keep costs down while buying Bitcoin.
Coinbase fees can be lower if you use the ‘advanced’ version. A lot of people stick to the basic version and end up paying more. Most platforms offer both a basic service and an exchange, and the exchange will usually have better rates.
Aspen said:
No, it shouldn’t be considered a sale.
Is there a better option out there? I’ve looked at Coinbase, but the fees seem a bit high. I don’t have much to invest, so I’m trying to keep costs down while buying Bitcoin.
Here are the current fees I’m seeing for market buys on US exchanges:
Swan - 0% (first $10K buys)
Kraken Pro - 0.40%
Coinbase - 0.60%
Strike - 0.99%
River - 1.00%
Nope, transferring Bitcoin to your own wallet doesn’t count as a sale.
LillyGrace said:
Nope, transferring Bitcoin to your own wallet doesn’t count as a sale.
Just curious, if you use Bitcoin to make a purchase, does that count as a sale?
LillyGrace said:
Nope, transferring Bitcoin to your own wallet doesn’t count as a sale.
Just curious, if you use Bitcoin to make a purchase, does that count as a sale?
Yes, that would be considered a sale.
LillyGrace said:
Nope, transferring Bitcoin to your own wallet doesn’t count as a sale.
Just curious, if you use Bitcoin to make a purchase, does that count as a sale?
Exactly. Buying something with Bitcoin or swapping it for another coin on an exchange is a taxable event.
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