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yatoshura
March 24, 2025
Question

Crypto transfer from online hot storage to cold storage device

  • March 24, 2025
  • 1 reply
  • 0 views

I transferred some crypto from Binance US online to my Ledger wallet device in 2024. I did not buy nor sell any of the coins. Just transferred from one wallet to another. Do I need to report any of these transactions?

1 reply

J
JamesG1
March 24, 2025

Wallet to wallet transfers are not a taxable event.

 

See IRS FAQ question 38

 

A38

 

No. If you transfer virtual currency from a wallet, address, or account belonging to you, to another wallet, address, or account that also belongs to you, then the transfer is a non-taxable event, even if you receive an information return from an exchange or platform as a result of the transfer.

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