Great video! Do you know if you need to make an election to carryback the 1256 losses on a timely filed tax return? I saw something about the mixed straddle elections needing to be done by the original due date, but can't find anything about this election
Hi, Do you know of any loss carry forward limitations for 1256? Can 1256 losses be deducted from other capital gains, dividends for the same year? What about ordinary income ($3k limit)?
Because when you carryback, you get some of that tax you paid in prior years back right away. If you carry forward, you have to wait for future years, and also hope that you have 1256 profits to offset that loss. Money now vs money later, money now is better.
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Great video! Do you know if you need to make an election to carryback the 1256 losses on a timely filed tax return? I saw something about the mixed straddle elections needing to be done by the original due date, but can't find anything about this election
Perfect for my situation. I hear turbo tax doesn’t support 1045. Any other option for electronically doing this. Thanks.
Another question. Does this apply to state tax as well.
Can you make a video on how to adjust prior year for carryback on turbo tax?
Hi,
Do you know of any loss carry forward limitations for 1256? Can 1256 losses be deducted from other capital gains, dividends for the same year? What about ordinary income ($3k limit)?
loss carryback? don't you already paid tax for prior year profit? what is the point to carryback loss?
Because when you carryback, you get some of that tax you paid in prior years back right away. If you carry forward, you have to wait for future years, and also hope that you have 1256 profits to offset that loss. Money now vs money later, money now is better.