Guest jblarson2002 Posted February 18, 2004 Posted February 18, 2004 Can I write off the amount of the money lost in an illegal investment fund closed down by the SEC in 2003 against funds withdrawn in 2003?
mbozek Posted February 18, 2004 Posted February 18, 2004 If the funds were held in a pre tax account the answer is no, because you will not be taxed on the funds which will never be distributed to you. See IRS Pub. 590, P 38. You can recognize a loss in Roth IRA if the total distributions from all your Roth accounts are less than the amounts contributed to the Roth. See IRS pub 590, P. 62. mjb
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