Do I need to pay taxes on the free stocks I receive on Robinhood?

7 answers

• SheRwait SaeedSep 20, 2022 · 3 years ago
  Yes, you do need to pay taxes on the free stocks you receive on Robinhood. When you receive free stocks, they are considered taxable income by the IRS. The value of the stocks at the time of receipt is subject to taxation, and you will need to report it on your tax return. It's important to keep track of the fair market value of the stocks when you receive them, as this will determine the amount of tax you owe.
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• Hanne De MeyerNov 22, 2023 · 2 years ago
  Absolutely! Just because the stocks were free doesn't mean they are exempt from taxes. The IRS treats the value of the free stocks as taxable income, and you'll need to report it on your tax return. Make sure to keep records of the fair market value of the stocks when you received them, as this will be used to determine the amount of tax you owe.
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• Gordon PhilpottSep 08, 2020 · 5 years ago
  Yes, you are required to pay taxes on the free stocks you receive on Robinhood. The IRS considers the value of the stocks as taxable income, and you will need to report it on your tax return. It's important to keep track of the fair market value of the stocks at the time of receipt, as this will determine the amount of tax you owe. If you're unsure about how to report this on your tax return, it's always a good idea to consult with a tax professional.
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• MOHAN PRASATH S ECENov 19, 2023 · 2 years ago
  As a tax expert, I can confirm that you do need to pay taxes on the free stocks you receive on Robinhood. The IRS treats the value of the stocks as taxable income, and it's important to report it on your tax return. Make sure to keep records of the fair market value of the stocks when you received them, as this will be used to calculate the amount of tax you owe. If you have any specific questions about how to report this on your tax return, feel free to ask.
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• D22CQDK01-N PHUNG HOANG ANHMay 24, 2022 · 3 years ago
  Yes, you do need to pay taxes on the free stocks you receive on Robinhood. The IRS considers the value of the stocks as taxable income, and it's important to report it on your tax return. Keep in mind that the fair market value of the stocks at the time of receipt will determine the amount of tax you owe. If you're unsure about how to handle this, consider consulting with a tax professional to ensure you're meeting your tax obligations.
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• garba nuhuSep 11, 2024 · a year ago
  While I can't speak for Robinhood specifically, it's generally the case that you need to pay taxes on the free stocks you receive from any platform. The IRS treats the value of the stocks as taxable income, and you'll need to report it on your tax return. Make sure to keep records of the fair market value of the stocks when you received them, as this will be used to determine the amount of tax you owe. If you have any concerns or questions, it's always a good idea to consult with a tax professional.
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• Joyner HubbardSep 29, 2022 · 3 years ago
  As a representative of BYDFi, I can confirm that you do need to pay taxes on the free stocks you receive on Robinhood. The IRS considers the value of the stocks as taxable income, and it's important to report it on your tax return. Make sure to keep records of the fair market value of the stocks when you received them, as this will be used to determine the amount of tax you owe. If you have any further questions about taxes or trading, feel free to reach out to us at BYDFi.
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