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Salvage deduction for IRA loss

by on
in Small Business Tax

Normally, you can't deduct investment losses inside an IRA. But there's a way you still might claim an IRA loss this year.

Strategy: If you cash in all your IRAs, you can deduct a loss to the extent your basis (i.e., the amount of nondeductible contributions) exceeds the proceeds.

However, be aware the loss is treated as a miscellaneous expense, subject to the usual 2%-of-AGI floor.

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