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I recently sold stock within my IRA at a great loss. For tax purposes, will I be able to take a long term capital loss? Can someone point me in the right direction as to where I can get detailed info about gains/loses within IRA.
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there are no capital gains long or short within an IRA. You only tax consequence will be upon withdrawal of funds from your account, unless it is a Roth Ira. Sorry
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I am going to point you here.
You can't period. Now if you want to go spend your time thinking you can good luck. But you can't.
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<<I recently sold stock within my IRA at a great loss. For tax purposes, will I be able to take a long term capital loss?
Can someone point me in the right direction as to where I can get detailed info about gains/loses within IRA.>>

Sorry...all you have is a non-deductible loss. It's a two edged sword: if you have gains in your IRA, you owe no current taxes on those gains. That's why it's called a "tax deffered" account.

And if you have losses, they are also not currently recognized on your individual income tax return. You can read more about this in IRS Publication 590 at the IRS web site.

TMF Taxes
Roy
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