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T
Tina P
March 17, 2022
Question

Is a loss from an employee profit sharing account deductible?

  • March 17, 2022
  • 1 reply
  • 0 views
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1 reply

M
Mike9241
March 17, 2022

what do you mean by loss?  were the funds stolen? no deduction since you likely have a zero basis. did the value drop, - no deduction since you only pay taxes on what you get out.   if you made contributions most likely you got tax deductions along the way so no further tax deductions are available.

 

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