Archive - November 20, 2009

Deducting IRA Losses

Deducting IRA Losses

Did you know that you could deduct losses in your IRA accounts?  It’s not as simple as it sounds… but it is available and can be a sort of consolation prize for the poor individual that fits the circumstances.

Deducting Losses on a Traditional IRA

Of course, in order to deduct a loss, you have to have a basis in the account, since by definition a loss results when your balance is less than the basis.  The only way to have a basis in a traditional IRA is to have non-deductible contributions, that is, contributions that you made but did… Read More

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