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I opened a roth IRA in 2014 and burned almost the whole account. can I close it and write the loss off on taxes?
Update:
lost the money on bad investment. its my only Roth type account. can I deduct it on next years taxes. this years is complete
3 Answers
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- Wayne ZLv 76 years ago
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.
- Anonymous6 years ago
No - not as a capital loss. Hard to imagine how someone could do that even if they were trying to...
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