The Motley Fool Discussion Boards	Previous Page
Financial Planning / Tax Strategies
URL: http://boards.fool.com/theres-no-tax-need-for-tracking-gains-and-losses-29838618.aspx
Subject: Re: Capital gains	Date: 2/9/2012 7:51 PM
Author: irasmilo	Number: 115013 of 118626
There's no tax need for tracking gains and losses within a retirement account. This is true for federal, but isn't there one state that doesn't recognize IRAs and requires tracking? You may be thinking of NJ which doesn't recognize deductible contributions to traditional IRAs. NJ requires you to track all of your contributions (whether deductible at the federal level or not) if you want to exclude any of your distributions from NJ Gross Income Tax. There is no need to track security cost basis or gains and losses within IRAs in NJ. Ira
Copyright 1996-2013 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us