JeffST
Returning Member

Section 1256 Contracts loss carryover

Hi

I have a contract loss in 2022 for the amount of $14k.  For the 2022 tax filing, I entered my lost under "Contracts and Traddles" on Turbo Tax and I had $3,000 deduction for the year.  How do I carry forward the loss in 2023? I tried to claim via "Capital Loss Carryover" tab, but it did not work (no deduction).  I also incurred a loss in 2023 for the amount of $28k.  How do I handle this case?  Can I apply the loss to other investment gain such as bonds, equities etc.. Thank you