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Hicl80
Level 1
November 16, 2022
Question

ROLLOVER IRA

  • November 16, 2022
  • 1 reply
  • 6 views

ARE GAINS AND LOSSES OF THE ROLLOVER IRA TAKEN INTO ACCOUNT

BY THE IRS?

    1 reply

    M
    Employee Tax Expert
    melj1Employee Tax Expert
    Employee Tax Expert
    November 17, 2022

    The answer is no. Losses as well as gains are never recognized within an IRA. The only way you can deduct a loss in an IRA is when all the funds from all IRAs are withdrawn, and there must be basis. For an IRA, basis means nondeductible (after-tax) funds, which most traditional IRAs don't have that much of.

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