Anonymous
Not applicable

Get your taxes done using TurboTax

"In 2019, I have 30K short term gains on 1256 contracts" 

 

your info does not make sense. you can not have just $30K of stcg from 1256 contracts.  gains and losses on 1256 contracts are split 60% long term 40% short term.

 

if you have net 1256 losses they must first be carried back to 3 years assuming you made the election for the loss year. you can choose how much to carryback

 

however, there is a limit.  it's the smaller of your net 1256 losses less $3,000 (or the net capital loss shown on schedule D that can be carried over to the next year assuming no 1256 carryback election is made.    (say $100K in net 1256 losses and $20K in other LTCG AMD $10K in other STCG.  $3,000 in net capital losses is allowed. c/b is $67K    

 

there are also limits to the amounts that can be used in the c/b year. 

smaller of (these are before the 1256 c/b)

1) net 1256 gains for c/b year 

2) line gain 16 of schedule D.