A question that frequently arises is “can IRA losses be deducted?” The answer to that question is yes, but only under certain very limited circumstances where the account value is less than the IRA basis, and IRA basis is only equal to non-deductible contributions. Remember also, all IRA accounts are treated as one. However, any IRA loss can only be deducted as a miscellaneous itemized deduction, subject to the 2%-of-AGI reduction on Schedule A. Thus, IRA account losses are not deductible on returns for 2018 through 2025.