I closed two nondeductible IRA accounts to which I had contributed a total of $8,000. The distribution was less than $8,000. Am I taxable on the distribution? Can I take a loss?

It depends on whether you have any other nondeductible or deductible IRA accounts. If not, then you can take a tax loss for the difference between your contribution and the distribution. It is an ordinary loss claimed as a miscellaneous itemized deduction. If you had any other IRA, then you’ll have to file Form 8606 to figure the taxable portion of the distribution; no loss is allowed in this situation.