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Financial Planning / Tax Strategies


Subject:  Re: Losses in an IRA? Date:  10/2/1999  12:02 AM
Author:  Bob78164 Number:  19307 of 129299

sharc writes:

How are stock losses handled in a traditional IRA? If I sell a stock at a loss, can I ever claim the loss on my taxes?

I reply:

I believe that there is one way to take the loss, though it's strongly reminiscent of cutting off one's nose to spite one's face. If you close your IRA and your distribution is less than your basis (assuming that the IRA is non-deductible), then your losses are deductible on Schedule A as a miscellaneous itemized deductible, subject to the 2% of AGI floor. --Bob
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