Capital gain/loss

[korsa]

On a simple non-Roth IRA , if I started with a $6,000 IRA and by the end of the year that $6,000 turned into $0, is that a loss that I can write off?

[VolvoGirl · Accepted solution]

No.  If your Traditional IRA lost money you will just have less income to pay tax on when you take it out or convert to a ROTH.  

You used to be able to deduct it but only If this was your ONLY IRA and you closed it AND did NOT take the tax deduction for your contributions.