IRA losses have potentially been a miscellaneous itemized deduction if all IRAs are closed. Is this IRA loss deduction no longer there due to the Tax Cuts and Jobs Act?

Anonymous · ‎June 5, 2019

How to deduct IRA losses is described here: https://www.investopedia.com/articles/retirement/05/012505.asp

rjs · ‎June 5, 2019

That is correct. The deduction for a net loss when all IRA assets have been distributed is a miscellaneous itemized deduction subject to the 2% of AGI limitation. The new tax law eliminates all miscellaneous itemized deductions subject to the 2% of AGI limitation, including that one, for 2018 through 2025. The deduction is still available for 2017.

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IRA losses have potentially been a miscellaneous itemized deduction if all IRAs are closed. Is this IRA loss deduction no longer there due to the Tax Cuts and Jobs Act?

Retirement tax questions