How do I open a wallet using a trust?

Bitcoin Questions and AnswersCategory: General questionsHow do I open a wallet using a trust?

Clyde Skeen asked 1 year ago

Hello –
I want to setup a cryptocurrency wallet in an account owned by my Solo 401K trust. Where/How can I do this? My concern is that wallet account setup pages do not allow an entity like a trust to have ownership of the account. If I set the account up in my name, the IRS may treat any funds transferred into the wallet account from my Solo 401K as a distribution. Distributions are taxable and hence best to be avoided. How can I set up a wallet account using the entity name for my trust?
FYI – Coinbase is the only site I could find an answer for this question. In their FAQ, coinbase indicates they do not support accounts setup by trusts.

8 Answers
Zsofia Elek answered 1 year ago

Hi Clyde,
Most cryptocurrency exchanges and wallet only let individuals to register for it’s services in order to comply with AML regulations. If you do not want the account to be registered under your name you can use an exchange that allows transactions without verification of your identity, so you can use the account anonymously. However as your question is very specific to the local regulation and taxation, I think it is the best to consult a lawyer and a tax advisor how to treat these distributions from Bitcoin. 

Josh answered 11 months ago

Clyde, did you ever find a solution to this? I have the same question.

Chris answered 10 months ago

Hi Clyde and Josh. I have the same question. A lawyer for the company that I used to set up my Solo 401k suggested setting up an institutional account through Gemini.com. He said other people with Solo 401k’s have used Gemini for this purpose. I have submitted requests to the following exchanges so far: Gemini, Poliniex, Kraken, ItBit, but have not heard back from anyone yet. Have you made any progress?

John answered 8 months ago

Hey all. Same question from me as well. Anyone have success in opening a trust account?

John answered 8 months ago

Hey all. Same question from me as well. Anyone have success in opening a trust account?

John answered 8 months ago

Anyone have success in setting up a trust account yet? 

Melanie answered 7 months ago

Same question here! Any word from Gemini or Kraken?

desii1 answered 6 months ago

 
I have searched extensively for an answer to “how to hold bitcoin in a trust account.”  This is a big deal to avoid probate and gain the step-up in cost basis.  Suggest everyone badger Coinbase to allow Trusts. 

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