Can this year capital losses be deducted against a previous year capital gain?

[sc101]

What is the name of your state (only U.S. law)? SC

I understand that you can offset your losses against your gains for the year in which it happens and then any excess losses up to $3000 can be deducted against income- and can be forwarded every year until it "runs out" so to say. Can it go backwards? I had a fairly good sized capital gain last year (2015), with no deductions. I just sold some stocks today and took a nasty hit for a substantial capital loss. Thanks in advance for any helpful replies!

 

[tranquility]

What is the name of your state (only U.S. law)? SC

I understand that you can offset your losses against your gains for the year in which it happens and then any excess losses up to $3000 can be deducted against income- and can be forwarded every year until it "runs out" so to say. Can it go backwards? I had a fairly good sized capital gain last year (2015), with no deductions. I just sold some stocks today and took a nasty hit for a substantial capital loss. Thanks in advance for any helpful replies!

https://www.law.cornell.edu/uscode/text/26/1212

 

[sc101]

https://www.law.cornell.edu/uscode/text/26/1212

Thank you tranquility. It looks as if I do not qualify as the carrybacks are geared towards corporations. Also losses from 1256 contracts which I do not invest in are eligible.


(b) Other taxpayers:
(1) In general If a taxpayer other than a corporation has a net capital loss for any taxable year—
(A) the excess of the net short-term capital loss over the net long-term capital gain for such year shall be a short-term capital loss in the succeeding taxable year, and
(B) the excess of the net long-term capital loss over the net short-term capital gain for such year shall be a long-term capital loss in the succeeding taxable year.

Thanks again!