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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
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‎April 1, 2024
4:08 PM