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I have no other traditional IRA. If I buy a traditional IRA for $1,000 and the market goes down and it's worth $800 when I convert it to a Roth IRA, then there's a loss of $200.

Next year, I buy another traditional IRA for $1,000 and the market goes up and it's worth $1,200 when I convert it to a Roth IRA. Does this $200 gain get offset by the $200 loss last year so there is no tax on this conversion?

Thank you, Ken
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