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Instead of recharacterizing the amounts into traditional IRA's, if we take them back in the form of cash, can we claim the difference between what was paid ($5,000) and the current value of the stock (which will be liquidated soon) as capital loss?

No. If you liquidated all your Roth IRA accounts for less than the amount contributed you'd have a miscellaneous itemized deductionk subject to the 2% of AGI exclusion.

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