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Are there any penalties for selling a fund in an IRA and letting the proceeds stay in the IRA? Meaning, no money ever leaves the IRA account.

There are no penalties if no funds are distributed out of the IRA. You can move the money from one vehicle to another (including cash in the account) all you want. The only "penalty" would be the added fees or commissions incurred as the result of the activity.

Is this a good strategy?

This depends on a lot of factors. I'll leave the exposition on this to others.
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