Tax issues for Roth IRA and regular stock account?
August 29, 2008
kpi_brian asked:
I have a security that has been a dog and I want to sell it, the shortest amount of time I have own some of the shares is more than 30 days. I want to sell it and re purchase it today in a Roth IRA, will I still be able to deduct the loss from my taxes next year?
I have a security that has been a dog and I want to sell it, the shortest amount of time I have own some of the shares is more than 30 days. I want to sell it and re purchase it today in a Roth IRA, will I still be able to deduct the loss from my taxes next year?
One Response to “Tax issues for Roth IRA and regular stock account?”
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September 1st, 2008 at 4:35 am
Yes. Ordinarily you need to have a 30 day period between the time you sell and the time you buy in order to deduct the losses, but if you’re selling it in a non-tax deferred account and buying in a tax deferred account, this wouldn’t apply.
Of course, keep in mind, you may only deduct up to $3,000 of net capital losses on your personal return. Anything above that would be carried forward as a loss on future years’ returns.
Hope this helps.