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…