PSA to anyone thinking of moving their brokerage accounts out of Robinhood: you do NOT need to liquidate all of your assets before transferring your positions out. Selling your positions triggers a taxable event and creates a capital gains tax liability. Simply submit an ACATS transfer.

All you need to do is initiate an ACATS transfer at your preferred receiving brokerage and your assets will transfer over in-kind, meaning that your stocks, bonds, mutual funds, etc will transfer and cost basis for tax purposes will transfer over as well.

All of the major brokers such as TD, Fidelity, Schwab, E*Trade, etc support ACAT transfers.

Note: proprietary or non-transferable positions may still need to be liquidated, but all publicly traded instruments should be fine. These transfers typically take 5 business days and you should refrain from transacting on the account when you are ready to transfer. Don’t have open limit orders, expiring options, recurring ACHs open otherwise RH will reject your request.

Godspeed!!

Submitted March 04, 2020 at 09:06PM by bano25 https://ift.tt/2VP8jmP