Taking a deduction for IRA losses

Technically, it is possible to take an income tax deduction for an IRA loss. In practice, it's not easy.
If the loss is in a Roth IRA, then all Roth IRAs must be liquidated before you can take a loss deduction.
If the loss is in a traditional IRA, then all traditional IRAs must be liquidated before you can take a loss deduction. For most taxpayers, their entire annual IRA contribution was already deducted as an adjustment. Therefore losses arising from deductible, traditional IRA contributions cannot generate income tax deductions; only losses from non-deducted traditional IRA contributions can create income tax deductions.
If you have such a loss, the deduction is a miscellaneous itemized deduction only to the extent that it and similar deductions exceed 2% of Adjusted Gross Income.

The time is now to strategically plan to stop wasting money on taxes you are not required to pay.