THE TAX GUY by Bill Bischoff
As reported by Smartmoney.com on December 24, 2008

How to Deduct IRA Losses

If you're like most IRA owners, you've taken a sizable hit. While it may feel like little consolation, there is a chance you can claim a tax deduction to ease your pain.

Every year, the IRS sends millions of letters and notices to taxpayers. Many taxpayers will receive this correspondence during the late summer and fall.

1. Set up your legal structure early. It's much easier to do this when you have options. Besides, who wants to be talking to attorneys when you're on the brink of making a fortune. Get it set up right the first time around. However, be careful about giving away what you don't even have.