Amended return for a carry back loss

Laceylyn77 · ‎March 19, 2024

This is my first time considering an amended return so any help is appreciated. This year we had a -17,000 loss in my 1099-b. We can use $3000 this year. I saw we can carry back some as well but I’m trying to figure out how to tell if it’s worth it. Any help?

jtax · ‎March 19, 2024

If you are an investor you cannot carry back a capital loss. you also don't have gain or loss until you sell.

If you are in the business of trading then everything changes. Too complicated to explain in a volunteer forum but you can search on "tax trader status" and "mark-to-market "for a lot of info. here are some starting points

https://www.irs.gov/taxtopics/tc429

https://www.schwab.com/learn/story/mark-to-market-trader-taxes

https://andersonadvisors.com/trader-tax-status/

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