CoinLedger imports Robinhood data for easy tax reporting. Create the appropriate tax forms to submit to your tax authority.
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Key TakeawaysÂ
Crypto transactions on Robinhood are subject to capital gains and income tax.Â
Your tax forms from Robinhood may be inaccurate if you transferred crypto into or out of the platform.
Robinhood Tax Reporting
You can generate your gains, losses, and income tax reports from your Robinhood investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below.
Robinhood exports a complete Transaction History file to all users. Simply navigate to your Robinhood account and download your transaction history from the platform.
Import your transaction history directly into CoinLedger. Import the file as is. No manual work is required!
CoinLedger automatically generates your gains, losses, and income tax reports based on this data.
File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.
Robinhood Tax Reporting
You can generate your gains, losses, and income tax reports from your Robinhood investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below.
Robinhood supports importing data via read-only API. This allows automatic import capability so no manual work is required.
Connect CoinLedger to your Robinhood account with the read-only API.
Let CoinLedger import your data and automatically generate your gains, losses, and income tax reports.
File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.
Robinhood Tax Reporting
You can generate your gains, losses, and income tax reports from your Robinhood investing activity by connecting your account with CoinLedger. There are a couple different ways to connect your account and import your data:
Automatically sync your Robinhood account with CoinLedger via read-only API. This allows your transactions to be imported with the click of a button.
Upload your Robinhood Transaction History CSVÂ file to CoinLedger. You can download your Transaction History CSV directly from Robinhood and import it into CoinLedger
Both methods will enable you to import your transaction history and generate your necessary crypto tax forms in minutes. File these forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.
Robinhood Tax Reporting
You can generate your gains, losses, and income tax reports from your Robinhood investing activity by connecting your account with CoinLedger. There are a couple different ways to connect your account and import your data:
Automatically sync your Robinhood account with CoinLedger by entering your public wallet address. This allows your transactions to be read in directly from the blockchain.
Upload a Robinhood Transaction History CSVÂ file to CoinLedger
Both methods will enable you to import your transaction history and generate your necessary crypto tax forms in minutes. File these forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.
Robinhood Tax Reporting
You can generate your gains, losses, and income tax reports from your Robinhood investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below:
Navigate to your Robinhood account and find the option for downloading your complete transaction history.
Import your transaction history directly into CoinLedger by mapping the data into the preferred CSV file format.
CoinLedger automatically generates your gains, losses, and income tax reports based on this data.
File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.
How Cryptocurrency Taxes Work
Cryptocurrencies like bitcoin are treated as property by many governments around the world—including the U.S. Other forms of property that you may be familiar with include stocks, bonds, and real-estate.
Just like these other forms of property, cryptocurrencies are subject to capital gains and losses rules, and you need to report your gains, losses, and income generated from your crypto investments on your taxes.
To do your cryptocurrency taxes, you need to calculate your gains, losses, and income from your cryptocurrency investments in your home fiat currency (e.g. USÂ Dollar, Australian Dollar, etc.).
Once you have your calculations, you can fill out the necessary tax forms required by your country. If you are in the United States, you can learn which forms you need to fill out with our blog post: How to Report Cryptocurrency On Your Taxes.
Why Can't Robinhood Generate My Tax Forms?
Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of Robinhood. Perhaps you also trade on Coinbase or earn interest from BlockFi. The trouble with Robinhood's reporting is that it only extends as far as the Robinhood platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of Robinhood, Robinhood can't provide complete gains, losses, and income tax information.
How Does Cryptocurrency Tax Software Help?
By integrating with all of your cryptocurrency platforms and consolidating your crypto data, CoinLedger’s cryptocurrency tax software and crypto portfolio tracker are able to track your profits, losses, income, and generate accurate tax reports in a matter of minutes.
You can test out the software and generate a preview of your gains and losses completely for free by creating an account.
In this article, we’ll break down everything you need to know about Robinhood crypto taxes — including how specific transactions are taxed and why your tax forms may be inaccurate.
What is Robinhood Crypto?Â
Robinhood is a platform that allows users to buy, sell, and trade stocks and cryptocurrencies. The platform is famous for offering 0% fees on crypto trades!Â
Today, Robinhood offers more than 15 cryptocurrencies for trading! In addition, the platform offers Robinhood Wallet — which allows users to freely transfer crypto into and out of the platform!
Crypto taxes 101
In the United States, cryptocurrency is subject to capital gains tax and ordinary income tax. Let’s walk through the tax consequences of common Robinhood crypto transactions.Â
Buying crypto with USD: Buying cryptocurrency with USD is non-taxable.Â
Selling crypto: If you sell crypto on Robinhood, you’ll incur a capital gain or loss depending on how the price of your crypto has changed since you originally received it.Â
Trading crypto: If you trade one crypto for another, you’ll incur a capital gain or loss depending on how the price of your crypto has changed since you originally received it.Â
Crypto rewards: Crypto rewards from referrals or Learn and Earn are considered ordinary income subject to income tax.Â
Does Robinhood report to the IRS?Â
Yes. Robinhood reports to the IRS.Â
Robinhood sends 1099 forms to users, and files an identical copy with the IRS. If you don’t report taxable income that’s been reported on your 1099 form, you’ll likely receive a CP2000 warning letter from the IRS.Â
Does Robinhood send crypto 1099s?Â
Robinhood currently sends two 1099 forms for cryptocurrency: 1099-B for capital gains and losses, and 1099-MISC for rewards (if you’ve earned more than $600 in crypto rewards).
You can download your tax forms right from your Robinhood account. Similar to other types of tax documents received at year-end (W2 etc), you can import your tax forms from Robinhood into tax filing software such as TurboTax or give it directly to your tax professional to file on your behalf.
If you’ve transferred cryptocurrency into or out of Robinhood, it’s possible that your tax forms will be inaccurate (more on this in the section below).
Why can’t Robinhood generate my tax report?Â
Major exchanges have trouble tracking taxes due to cryptocurrency’s unique properties. When you transfer your crypto into or out of an exchange like Robinhood, it’s difficult for the platform to track your cost basis and capital gains.
Consider the following example.
Example: Crypto transfer
Ryan buys $1,000 of BTC on Exchange A.
He transfers his BTC to a cold wallet.
Months later, Ryan sells his BTC for $1,500 on Robinhood.
In this case, Ryan should have a capital gain of $500. However, if he hasn’t kept records of his cost basis, he may be forced to recognize his entire $1,500 sale as a capital gain.Â
Luckily, there’s an easier way to report your taxes. Crypto tax software like CoinLedger can create an aggregated crypto tax report to track your gains, losses, and income across all of your wallets and exchanges.
How to report your Robinhood crypto taxes
You can sync your Robinhood crypto transactions directly with CoinLedger to automate the tax calculation process. CoinLedger auto-generates your necessary tax forms based on your Robinhood transactions and all of your other crypto activity across any other wallets and exchanges.
Get started with CoinLedgerÂ
CoinLedger is designed to take the stress out of your tax season. The platform integrates with the world’s biggest exchanges and blockchains to help you report your taxes in minutes.
Disclaimer: This guide is provided for informational purposes only. It is not intended to substitute tax, audit, accounting, investment, financial, nor legal advice.
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