Tracking cost basis when transferring crypto from Fidelity to Robinhood - help needed

The short answer is no, Robinhood won't automatically know your cost basis from Fidelity. When you transfer crypto between wallets/platforms, the cost basis information doesn't travel with the assets. You need to keep your own records. I recommend creating a simple spreadsheet before you transfer, documenting the date of original purchase, how much you paid (cost basis), and any fees associated with each transaction. Take screenshots of your Fidelity transaction history as backup. Remember that crypto-to-crypto transfers aren't taxable events, but you still need that original cost basis info for when you eventually sell.

Just wanted to share my experience using taxr.ai https://taxr.ai to solve this exact problem! I transferred crypto between three different platforms last year and was completely lost trying to track my cost basis. I couldn't remember when I bought what or for how much, and the exchanges weren't helping. I uploaded my transaction CSVs from each platform to taxr.ai and it automatically matched my transfers between wallets, identified the original purchase prices, and calculated my cost basis for everything. Saved me hours of spreadsheet work and probably prevented a tax nightmare.

I tried taxr.ai after reading about it here and I'm honestly shocked how well it worked. I was the skeptical one who questioned it earlier, but it totally saved me. I had crypto scattered across 4 platforms including some I'd completely forgotten about. The cost basis tracking worked exactly as promised - even for coins I'd moved multiple times. It identified transactions from 2018 that I would have completely missed and probably gotten flagged for during an audit. Even tracked my staking rewards which I wasn't properly recording. Definitely using this for my taxes this year!

After struggling with the IRS about my crypto taxes last year, I discovered Claimyr (https://claimyr.com) which literally saved me hours of waiting on hold. I needed specific clarification about reporting my crypto transfers and couldn't get through to anyone at the IRS for weeks. Used Claimyr and got connected to an actual IRS agent in about 15 minutes instead of the 3+ hours I spent on previous attempts. The agent confirmed that I needed to maintain my own cost basis records and helped clarify how to report my specific situation. You can see how it works in this video: https://youtu.be/_kiP6q8DX5c

Ok I need to admit I was wrong about Claimyr. After posting that skeptical comment, I tried it myself because I had a crypto tax question that was driving me crazy. Got connected to an IRS rep in about 20 minutes when I had previously wasted an entire afternoon trying to get through. The agent actually helped me understand exactly how to document cost basis when transferring between wallets and what records I needed to keep. Turns out I was overthinking it. Just needed to maintain my own records of original purchases with dates, amounts and transaction IDs. Been recommending it to everyone in my crypto group since.

Here's what I do - I use a dedicated crypto tax software (Koinly) to track everything. Before transferring anything, I export ALL my transaction history from Fidelity as CSV files and save them forever. The most important thing: NEVER delete your Fidelity account even after transferring! You need access to that transaction history. Robinhood will only show that you received X amount of crypto on Y date, not what you originally paid.

Hate to be that guy but NEVER use Robinhood for crypto if you care about taxes or actually owning your coins. Until very recently you couldn't even transfer crypto out of Robinhood! They've improved but still don't give you full wallet functionality. Try Kraken or Coinbase Pro instead. Better features, lower fees, and much better tax reporting tools.

This is such a common headache! I went through the exact same thing when I moved my Bitcoin from Fidelity to Coinbase last year. Unfortunately, Robinhood won't automatically receive your cost basis information - that data doesn't transfer with the crypto itself. Here's what saved me: Before initiating any transfer, log into your Fidelity account and download/screenshot EVERYTHING. Get your complete transaction history showing purchase dates, amounts paid, fees, and confirmation numbers. I made the mistake of not doing this initially and had to scramble later. Also keep the blockchain transaction hash from the transfer itself - you'll need this to prove the connection between your Fidelity purchase and your Robinhood holdings if the IRS ever asks questions. One tip: if you have multiple purchases of the same coin at different prices (like DCA), make sure you know which specific coins you're transferring so you can use the right cost basis. FIFO (first in, first out) is the default method but you might want to consider other options depending on your situation.

Great question and really timely for me too! I just went through this exact scenario moving some Bitcoin from Fidelity to Robinhood last month. The key thing everyone's mentioned is absolutely right - Robinhood will NOT receive your cost basis automatically. When the crypto arrives in your Robinhood account, it will just show the current market value as if you bought it that day, which is completely wrong for tax purposes. Here's my step-by-step process that worked well: 1. Before transferring, export ALL transaction history from Fidelity (CSV format if possible) 2. Screenshot your current holdings showing original purchase dates and amounts 3. Document the exact amount you're transferring and the date 4. Save the blockchain transaction hash when the transfer completes 5. Create a simple spreadsheet linking your original Fidelity purchases to your new Robinhood holdings One thing I learned the hard way - Fidelity's transaction history doesn't stay available forever after you close positions, so grab those records while you still can access them easily. I use a simple Google Sheet with columns for Date, Platform, Amount, Price Paid, Transaction Hash, and Notes. The good news is that crypto-to-crypto transfers aren't taxable events, so you won't owe anything just for moving between platforms. But you definitely need that original cost basis info for when you eventually sell on Robinhood.

As someone who's been through multiple crypto transfers between platforms, I can't stress enough how important it is to keep meticulous records BEFORE you initiate any transfer. I learned this lesson the hard way when I moved some Ethereum from Coinbase to Fidelity a couple years ago without proper documentation. Here's what I wish I had done from the start: 1. **Export everything immediately** - Don't wait until after the transfer. Get your complete transaction history from Fidelity right now in CSV format. Include purchase dates, amounts, fees, and any DCA transactions. 2. **Use blockchain explorers** - Tools like Etherscan (for Ethereum) or Blockchain.info (for Bitcoin) can help you verify transfer details and provide permanent records of the transaction hashes. 3. **Consider tax software early** - Even if you don't plan to sell soon, setting up with something like TaxBit or CoinTracker now can save you major headaches later. They can import your data and track cost basis automatically. 4. **Document your method** - Write down whether you're using FIFO, LIFO, or specific identification for your cost basis calculations. Be consistent and stick with it. The transfer itself won't trigger taxes, but when you eventually sell on Robinhood, you'll need to report the gains/losses based on your original Fidelity purchase prices, not what Robinhood shows as your "cost basis." Trust me, spending an hour organizing this now will save you days of stress during tax season!