How to carry over this tax year's trading loss to the next tax year?

[sleepwell!]

Hi Everyone,

I have trader tax status (TTS) and promptly did my 475 election in the past.

Does anyone know which IRS form I should fill out, in order to carry over this tax year's (2018) trading loss to the next tax year (2019)? I read it somewhere (now I can't find it) that this can be done but have no clue where to start.

For example I lose $50k for tax year 2018, and let's say if I make $70k in tax year 2019, how do I deduct the 50 from the 70 so my gain in tax year 2019 is calculated to be 20k only?

I also remember reading somewhere (now I can't find it) that the carry over can be as long as 20 years into the future, is that true? I can't find the IRS document supporting this claim. Can anyone help?

Thanks!

 

[Robert Morse]

I'm not sure why you waited to April 2nd to ask this, but I recommend you contact https://greentradertax.com/, pay them for a consultation if they will have the time, and get a real answer.

 

[CET]

You may want to file an extension for 2018 that gives you until October 15 to file, so you can make sure you handle this properly. You still are responsible for paying any taxes you owe, if any, for 2018 by April 15.