Using Tax Loss for Roth Conversion
Using Tax Loss for Roth Conversion
At the end of 2008 I sold VTSMX for a loss Short-Term and Long-Term with no offsetting gains on my federal return. For both ’08 and ’09 I used the $3k loss which I think reduced the remaining ST loss carry forward. At that rate it will take many, many years to deplete the losses recognized. My question is if I convert some of my traditional IRA’s to Roth’s in 2010 can I use these loss carry forwards as an offset. I have had the IRA’s for a number of years and they are spread among different funds. I assume the conversion is by account rather than the funds within the account. Also how would this map with regard to ST and LT gains and losses. I also have a taxable VFWIX with a gain that I was considering selling to move the funds into the new Total International since it has a lower expense ratio and an ETF. Thanks in advance for your insights
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