Deductible Capital Loss
April 7th, 2009
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Question: My 401k got trashed, like most people’s did. Can I deduct losses if I cash out what’s left?
Would what my stocks lost be deductible as capital gains losses, which could be applied against my income this year?
Answer: If it’s a conventional 401(k), no. That account was funded with pretax dollars. You haven’t paid income tax on it yet, so there is no capital loss that can be deducted.
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