Question on Transferring Non Qualified Accounts

[FROGMAN524]

I have several qualified IRA accounts and a ROTH IRA account, both managed and unmanaged, with Charles Schwab and Primerica. I also have an unmanaged brokerage account with Charles Schwab. My question is this; I have another managed but non-qualified brokerage account with Cantella that I want to transfer from them to a new unmanaged brokerage account with Charles Schwab. Will I have to pay taxes on the transfer if I have to sell proprietary assets in the Cantella account to liquidate to cash and make the transfer?

If so, I will wait until January 1st.

 

[FROGMAN524]

@shintoooo

 

[DRYHEAT]

I have several qualified IRA accounts and a ROTH IRA account, both managed and unmanaged, with Charles Schwab and Primerica. I also have an unmanaged brokerage account with Charles Schwab. My question is this; I have another managed but non-qualified brokerage account with Cantella that I want to transfer from them to a new unmanaged brokerage account with Charles Schwab. Will I have to pay taxes on the transfer if I have to sell proprietary assets in the Cantella account to liquidate to cash and make the transfer?

If so, I will wait until January 1st.

Do you have a contact/concierge at Schwab? They should be able to tell you what can and cannot be transferred in an in-kind transfer.

I think there’s special rules if you can swap similar securities without penalty, but the bookkeeping of your gains transfers also.

 

[FROGMAN524]

Do you have a contact/concierge at Schwab? They should be able to tell you what can and cannot be transferred in an in-kind transfer.

I think there’s special rules if you can swap similar securities without penalty, but the bookkeeping of your gains transfers also.

You’re probably right, I’ll have to call my advisor tomorrow. He’s just been out of town on vacation. Was hoping for a quick answer but that’s probably not possible without giving more detail that I won’t do on the internet.

 

[Gonefishin5555]

Those proprietary assets are probably all losers they usually are due to high management fees and commissions paid on them. So transfer everything that will transfer and leave that proprietary crap behind and then have your attorney ask them for refund of your initial investment on the crap left behind cause they fucked you over. If its appreciated stuff then have them sell it, get the cash and consider yourself lucky. I have some clients with six figures of bullshit they left behind some limited partnerships that are private that are almost worthless cause their is no market for them...oh but they pay distrbutions which are just a return of capital because they don't generate any income. How do you sell it though? There is no market so some fool has to buy it off you and you get mailers from bottom feeders offering 10 cents on the dollar. The client brings it to me and thinks its a good deal.