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ahipychipy
Returning Member

Are there tax deductions on my IRA account's stock trades?

 
2 Replies
macuser_22
Level 15

Are there tax deductions on my IRA account's stock trades?

No.   IRA gains and losses are not reported anywhere.    Only distributions and new contributions are reported.   That is the advantage of an IRA - it can grow tax free until you remove the money.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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Hal_Al
Level 15

Are there tax deductions on my IRA account's stock trades?

simple answer: No. Those costs simply reduce the amount of money in the account and that reduces the amount you will be taxed on, in the future, when you start taking distributions.

 

In the past (before 2018), there was a complicated way to deduct some of those expenses, but that was eliminated under the new tax law.

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