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I haven't looked at the relevant tax code, but just about anything can be considered a "loss" since there's so many tax laws designed to benefit various special interests over the years.
A friend of mine opened an account for each of his children. He then pays the kids for doing chores, and writes those payments off on his taxes. He's the legal custodian of those accounts, so he can use the money however he wants. Put money in tax free > take money out and spend on whatever you want.
This is why I keep saying there needs to be a federal sales tax.
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