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Transferring non retirement fund to another investment firm? |
I'm thinking about transferring my non-retirement fund to another investment firm. Is there a way that this can be done without being taxed? Does it depend on the type of non-retirement fund that I am in? Thanks The IRS does not allow "in-kind" transfers of stocks nor mutual funds NOT in retirement accounts (IRA, 401K, 403b, etc). If you sell the stocks or mutual funds you will pay taxes on the gains even if you buy the exact same number of shares back for the exact same price. However, if you transfer the actual stock, without converting it to cash along the way, between investment firms then there is no tax as there is not a sale. Taxes shouldn't be an issue if you're in the U.S. However, make sure you know what type of instrument it's in. If it's an annuity there may be penalties. If stocks or mutual funds, you should be able to do a transfer "in-kind" and nothing will change in your portfolio. |
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