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Strategies & Market Trends : Roth IRA ideas -- Ignore unavailable to you. Want to Upgrade?

To: Patricia L. Clews who wrote (56)	2/17/1998 1:17:00 PM
From: Patricia L. Clews	Respond to of 388

HI all, well in regard to losses from a IRA of any kind. It looks to be practically impossible to take losses. The IRS answered me back today. They said you have to have taken all of your money from the IRA " If you have a loss on your IRA investment, you can recognize the loss on your income tax return, but only when all the amounts in all your IRA accounts have been distributed to you and the total distributions are less than your unrecovered basis, if any. Your basis is the total amount of the nondeductible contributions in your IRAs. You claim the loss as a miscellaneous itemized deduction, subject to the 2% limit, on Schedule A, Form 1040. You would take any loss in the year of withdrawal. " I don't think it's going to happen!! ;-)