Can I deduct IRA losses on federal taxes?

Answer Only in very rare and limited circumstances can you deduct an IRA loss on your taxes. To qualify, you must close the IRA, and the total amount of distributions you received from the account must be... Read More »

Top Q&A For: Can I deduct IRA losses on federal taxes

Can I deduct gambling losses on my taxes?

Yes, gambling losses are deductible. A taxpayer may deduct gambling losses only if itemizing deductions on Form 1040 Schedule A. Gambling losses are only deductible to the extent of gambling winnin... Read More »

How to Deduct Gambling Losses on a Federal Income Tax Return?

The Internal Revenue Service requires that you report all of your gambling winnings on your income taxes so they can be included as taxable income. The IRS also permits you to reduce your taxable i... Read More »

How Long Can You Deduct Capital Losses on Income Taxes?

Nero Burning ROM allows users to burn audio CDs, video DVDs and data DVDs quickly. Data DVDs may contain files, folders and programs, all of which can be accessed from Windows Explorer. If you requ... Read More »

How to Deduct Federal Taxes on a State Return?

Federal taxes due to the government can be deducted from state taxable income in some states. These taxes are filed in April every year except for no-income-tax states, such as Alaska and Florida.... Read More »