Friday, November 11, 2011

Do I get any tax breaks for the losses on my IRA that I emptied and closed?

I closed one of my traditional IRA's to for a down payment on my first house. ( I don't have to pay the 10% penalty.) Of course i took the money when the market was about the lowest and the total balance that I collected in cash was about half of how much money I actually put into the IRA. I put around $10,000 into the IRA and the balance was about $5,000 when I took the money and closed the account. Am I able to reduce my taxable income by the amount of money I lost on the IRA?

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