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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