Egg on my face.
Back when I had an accountant, I had losses in 2000. He told me I couldn't carry a loss back, only forward. I believed him.
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1256 contracts loss (carryback or carryover)
- Thread starter cml2949
- Start date
Egg on my face.
Back when I had an accountant, I had losses in 2000. He told me I couldn't carry a loss back, only forward. I believed him.
Don't make much sense to be able to carry back... maximum loss still $3000 ?
From what I understand ....
These losses can only be carried back to a year in which there is a net Section 1256 contracts gain, and only to the extent of such gain, and cannot increase or produce a net operating loss for the year.
The loss is carried back to the earliest carry-back year first and any unabsorbed loss can then be carried to each of the next two years.
$3000.00 is only if you don't have any capital gains for the current year or going forward..
You can't not carry back losses if you did not have 1256 contracts previous yr of the losses..
These losses can only be carried back to a year in which there is a net Section 1256 contracts gain, and only to the extent of such gain, and cannot increase or produce a net operating loss for the year.
The loss is carried back to the earliest carry-back year first and any unabsorbed loss can then be carried to each of the next two years.
$3000.00 is only if you don't have any capital gains for the current year or going forward..
You can't not carry back losses if you did not have 1256 contracts previous yr of the losses..
gains/losses are simply filed under the 6781 form..
i believe, losses are automatically kept track if you are going to carry forward the losses through turbotax.
carry back losses, I'm not sure how to file.. Something about amending the previous years gains to carry back the loss..
and if you made 30,000 paid 8,000 in taxes and the next year you lose 30,000, does that mean you get 8,000 back in refund?
will have to have my cpa file this year...
i believe, losses are automatically kept track if you are going to carry forward the losses through turbotax.
carry back losses, I'm not sure how to file.. Something about amending the previous years gains to carry back the loss..
and if you made 30,000 paid 8,000 in taxes and the next year you lose 30,000, does that mean you get 8,000 back in refund?
will have to have my cpa file this year...
Interesting, On turbo tax, I chose net section 1256 contracts loss election, typed in the carry back amount, and my refund went down by like $800.
For those who have gone through this..
I suppose after amending last year's tax, I will get a refund?
Also, if I carry back the same amount of futures' losses as I gained the previous year, how much do I get back versus the tax I paid for gains?
Thanks in advance, my cpa charges per hour, so any info helps
For those who have gone through this..
I suppose after amending last year's tax, I will get a refund?
Also, if I carry back the same amount of futures' losses as I gained the previous year, how much do I get back versus the tax I paid for gains?
Thanks in advance, my cpa charges per hour, so any info helps
cml2949, I've never done it before but it would make sense that your refund for this year would go down because you are moving the losses to last years return, giving you less losses this year.