Can I deduct loss of 401(k) stock on my income tax returns?
January 14, 2004
Date: Tue, 16 Dec 2003
I lost all my Kmart stock in a 401k plan. Am I entitled to deduct this as a loss on my taxes?
Date: Wed, 7 Jan 2004
Since you did not report income relating to the amount put in the 401(k) plan, you have no basis in the stock and can't claim a loss for the stock.
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