I opened a roth IRA in 2014 and burned almost the whole account. can I close it and write the loss off on taxes?

2015-04-10T12:12:43Z

lost the money on bad investment. its my only Roth type account. can I deduct it on next years taxes. this years is complete

Wayne Z2015-04-10T12:01:53Z

If it is your only Roth IRA, you can liquidate it and deduct the loss as a Misc. Itemized Deduction but not as a Capital Loss.

20

Anonymous2015-04-10T12:20:32Z

No - not as a capital loss. Hard to imagine how someone could do that even if they were trying to...

10

?2015-04-10T12:02:13Z

Define burned. Your investments were losers or you spent the money?

00

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