Can I deduct losses for an investment that was bought within an IRA that was then transfered from the IRA to me?

Forum|Forum|7 years ago
June 4, 2019
3 replies
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TurboTax Deluxe Online

Best answer by MinhT1

Form 8308 was addressed to you by fund company as the beneficial owner of the partnership's interests.

The form is for your information and the losses have not been transferred to you. They remained within the IRA and as such, they are tax-deferred, which no immediate tax consequences for you.

You cannot deduct the losses on your tax return.

MinhT1

Level 15

How were the losses transferred to you from the IRA? Did you receive any tax document from the IRA?

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raysuzieAuthor

Level 2

The Fund was transferred to me by form 8308 by the fund company. Nothing from IRS

MinhT1Answer

Level 15

Form 8308 was addressed to you by fund company as the beneficial owner of the partnership's interests.

The form is for your information and the losses have not been transferred to you. They remained within the IRA and as such, they are tax-deferred, which no immediate tax consequences for you.

You cannot deduct the losses on your tax return.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"