Taking Private Bank Stock from an IRA
An 84 year old friend owns a private bank stock in his IRA. He wants to sell the private bank stock and he is being told that he first has to take the stock out of his IRA, then sell the stock, then put the proceeds back in the IRA.This sounded strange so I have a few questions.
1. If he is able to find a buyer, why can’t he just sell it within the IRA?
2. If he pulls the stock out and rolls the money back in within 60 days, will that be considered an eligible rollover?
3. Since he is over 70 1/2, how does he handle the RMD?
Thank you!
Permalink Submitted by Alan - IRA critic on Sat, 2018-03-24 04:18