@GeorgeM777
"however, the carryback loss can only be applied against Section 1256 gains"
Is this something that is practiced commonly, I couldn't find any text talking specifically about the fact that carryback can only be applied to section 1256 gains. On the following guide there is no mention of limitation to section 1256:
"You can elect to carry your net section 1256 contracts loss for 2022 back 3 years. The amount you can carry back to any prior year is limited to the smaller of:
The gain, if any, that you would report on Line 16 of Schedule D for that carryback year if only gains and losses from section 1256 contracts were taken into account, or;
The gain, if any, reported on Line 16 of Schedule D for that carryback year."
I'd appreciate your feedback!
