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

ahipychipy · ‎January 19, 2020

macuser_22 · ‎January 19, 2020

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.**

Hal_Al · ‎January 19, 2020

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.

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