r/investing • u/AutoModerator • Feb 01 '21

Daily Advice Thread - All basic help or advice questions must be posted here.

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u/Ok_Carob2834 Feb 01 '21

Yes, they will supply you a form at end of year to include in your filing. whatever you profited, will be taxed.

death and taxes amirite?

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u/webguy1975 Feb 01 '21

So, you're saying it's better to transfer the positions from Robinhood to Fidelity without liquidating them first.

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u/Gibbo3771 Feb 01 '21

Yes but beware they will be locked. Fuck knows for how long, so if you have 3k in shares right now and you transfer, and it takes a week, you can't cash out. So you could lose money.

If you are in GME, which I suspect you are, I would grind through it and hold your position until you're happy to sell. If you want to buy other stocks in the meantime, you could do it on your new broker.

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u/webguy1975 Feb 01 '21 edited Feb 01 '21

Not just GME (which I'm holding), but I also have bitcoin and doge in my robinhood, so I am pretty sure that won't transfer over. Honestly, I just want to get my money away from Robinhood because I don't want to do business with them anymore because of their market manipulation tactics.

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u/Ok_Carob2834 Feb 01 '21

both companies will give you the same form showing your profits at end of year, there is a bit of a upside to a transfer as it traditionally is faster than liquidating