If I have a Stock in a IRA and a Regular Stock. I sell both one for a gain and the other for a loss, can I put the loss against the gain? Or am I not able to play one against the other to cut my gain for tax purposes?
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If I have a Stock in a IRA and a Regular Stock. I sell both one for a gain and the other for a loss, can I put the loss against the gain? Or am I not able to play one against the other to cut my gain for tax purposes?
Gains and losses that occur inside an IRA are not reported, so no - you cannot use a loss in a tax-deferred account (IRA) to offset a gain in a taxable account.
Thanks did not think so. Sure have been taking a beating in the IRA Account.
Unfortunately, that IS one of the drawbacks of the IRA.
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