Trading loss carry back or forward

Has anyone carried their trading losses back to previous years to offset trading gains from those years and get back taxes paid from those gains?

Has anyone carried their trading losses to future years to offset future trading gains?

If so, how to carry trading losses back or forward? What forms to use?

Any input or guidance will be highly appreciated.

 

Future losses are automatic at the federal level.

I have carried back 1256 losses. But the loophole is now closed as part of the Trump tax plan.

 

For most traders and investors, you are only allowed to offset $3,000 of carried over losses every year. Still, nothing stopping you from matching losses with your gains to cut your taxable gains. Longer term gains with holding period over 1 year are taxed at 20% if I am not mistaken. Short term gains of holdings less than 1 year are taxed at a higher rate. Have your accountant or tax preparer handle it. Or if you do your own taxes, Turbo Tax software will guide you. You have to buy the software each and every year.

 

Right now I'm waiting for a check for re-filing 2014 return, carrying back some more recent losses. Apparently there was some provision in recent laws permitting carrying back further, I think due to some covid modifications. I could not tell which forms we used, other than looking at prep by accountant. Definitely use an accountant whom deals mostly with futures traders. Separately, probably 15 years ago I had used Green & Co, mentioned in other posts, and he/they made major blunder in my taxes.

 

I was told you could only go back three years. How did you go back to 2014?

 

I thought that 1256 losses was the only carryback still allowed. I've used this myself. This would suck. How certain are you about this? I still see the 1256 3 year carryback option on the IRS form.

 

i am mistaken. You can carry back 1256 three years. You cannot carry back losses in securities. I will forward you what my accountant said privately.

 

Are the recent losses you are carrying back equity losses or the 1256 losses others are referring to? Thanks a lot.

 

Could you please forward it to me as well? Thanks a bunch.

 

he basically said that you can carry back 1256 3 years.

you can’t carry back losses on securities even if you elect mark to market or trader election (they are different things)