Hi all,
l’m trying to sell some of my SOL, but I need to capture the loss for tax write offs (my average cost on Robinhood was $50.85). How can I best sell my coins and still take advantage of the losses? I’m guessing I would convert SOL to USDC inside Phantom Wallet and then send the USDC to Robinhood on the SOL network? (they still have support for that at least, and I just tested this process with a small amount of SOL and USDC). And then I can cash out the USDC for USD within Robinhood?
Backstory: I had posted some months ago about needing to transfer my SOL from Robinhood to Phantom, and you all helped greatly with that (especially when my coins got stuck). And I’ve staked most of my coins, like 800 SOL worth so I also don’t know if I need to report the rewards when I unstake portions to sell.
I’ve recently read some posts here about best ways to sell SOL and I see a lot about some off ramp things and Coinbase or Binance.US, but I’d ideally like to keep using Robinhood since I originally bought all my SOL on there and I think doing the cost basis and tracking should be simpler there. I appreciate any help!
Read this but didn’t get to reply before. Well thank you for this detailed breakdown! I’ll definitely have to do more research and see if I’ll go into all of this, but I get the value of it. Right now I’m at a decent gain with the price being well above $50, so I don’t need to worry about selling at a loss. I’m swapping some coins to USDC and was just going to transfer it back to RH or to Coinbase to sell, but I’ll see if I should do more anonymous actions like you’re suggesting.
dont transfer to c’ex man
use d’ex like jupiter. you can plug in your orders it will fill all u have to do it settle the account once filled. gas is cheap too!
Yeah I just started to check out Jupiter today, I’d done swaps within Phantom thru Jupiter but that 0.85% fee is hefty. I was converting SOL to USDC within Phantom and moving the USDC back to Robinhood to sell, but I’m not sure how I can still exchange my USDC to USD on a DEX. Does Jupiter have an option to connect a bank account? I’m still looking into all of this