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Yes, you may claim losses in any year in which you lost money if you actually sold the position to create a taxable event. If nothing is sold than a taxable event was not created and you may not claim a loss. Another factor is what type of an account were the funds held in. If it is being held in an IRA account than the tax implications would be different according to your individual circumstances. Consult an accountant or a tax advisor to see how these losses will effect you.

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Q: Can you claim losses on the stock market in 2008?
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