Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP Posting-Version: version B 2.10.1 9/27/83; site saturn.UUCP Path: utzoo!watmath!clyde!floyd!harpo!seismo!hao!hplabs!saturn!johnson From: johnson@saturn.UUCP (Mark Scott Johnson) Newsgroups: net.taxes Subject: Re: Claiming IRA losses and expenses? Message-ID: <2018@saturn.UUCP> Date: Tue, 20-Mar-84 10:56:57 EST Article-I.D.: saturn.2018 Posted: Tue Mar 20 10:56:57 1984 Date-Received: Thu, 22-Mar-84 01:20:00 EST Organization: Hewlett Packard Labs, Palo Alto CA Lines: 18 You can NOT deduct IRA losses. After all, you've already deducted your IRA contribution once. (I don't know anywhere else in the tax code where you're allowed to write off the same thing twice.) This is one of the reasons many financial advisors recommend against risky IRA investments. IRA setup and maintenance fees are deductible under "Miscellaneous Deductions" on Schedule A. I write in the category "Investment Expenses" ever year and include IRA-related stuff there (along with subscriptions to financial magazines, etc.). Last I heard, the IRS was still being picky about how your IRA setup and maintenance fees are paid. They should be billed and paid for SEPARATELY from your annual IRA contributions. (I personally consider this unreasonable. As long as the fees are distinguish- able, they should be deductible. But then again, who ever accused the IRS of being reasonable and logical?) -- Mark Scott Johnson CSnet: Johnson@HP-Labs USENET: ...!ucbvax!hplabs!johnson