My first response from an E*Trade rep was that it
Post# of 72440
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Posted On: 12/20/2018 12:04:13 PM
My first response from an E*Trade rep was that it would be no problem, more of an intracompany transfer with the IRS being informed of the tax liabilities from the "sale" from the cash account.
I will be calling back this afternoon to talk to a designated tax and retirement rep to double check and I will relay information back to all. My main questions still are whether one will lose the tax loss resulting from most likely having to sell shares in the cash acct. bought at a higher price and then buying within 30 days into another non-taxed acct. I personally don't care as the tax advantages will be so high for the moved shares that it will dwarf the small tax loss on the shares I will be "selling". Also, there may be a special fee to do this as opposed to paying commissions for buy/sell trades on the open market and want to make sure they, if charged, are not outrageously high.
The basis for my request is to make sure the shares I "sell" myself will be available at the same cost (and thus quantity) as those I "buy" for my ROTHs. On the open market, if a handful of people did this you would be looking at maybe 1.5MM shares being moved and that could seriously affect share price or one's ability to even acquire that many shares to indeed put in the ROTHs.
I will be calling back this afternoon to talk to a designated tax and retirement rep to double check and I will relay information back to all. My main questions still are whether one will lose the tax loss resulting from most likely having to sell shares in the cash acct. bought at a higher price and then buying within 30 days into another non-taxed acct. I personally don't care as the tax advantages will be so high for the moved shares that it will dwarf the small tax loss on the shares I will be "selling". Also, there may be a special fee to do this as opposed to paying commissions for buy/sell trades on the open market and want to make sure they, if charged, are not outrageously high.
The basis for my request is to make sure the shares I "sell" myself will be available at the same cost (and thus quantity) as those I "buy" for my ROTHs. On the open market, if a handful of people did this you would be looking at maybe 1.5MM shares being moved and that could seriously affect share price or one's ability to even acquire that many shares to indeed put in the ROTHs.
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