Andre, I wanted to understand how does the carry-over loss apply to future gains? E.g. I had a $10000 gain in 2022 and a loss of $20000. That will make my net loss to be -$3000 (2022) and a carry-over loss of -$7000 for next year. Now, if I have another $10000 gain in 2023, $10000 in 2024, and $10000 in 2025 - can I offset all $7000 loss…
Andre, I wanted to understand how does the carry-over loss apply to future gains? E.g. I had a $10000 gain in 2022 and a loss of $20000. That will make my net loss to be -$3000 (2022) and a carry-over loss of -$7000 for next year. Now, if I have another $10000 gain in 2023, $10000 in 2024, and $10000 in 2025 - can I offset all $7000 loss against the 2023 gain and reduce it to $3000? Or, can I only offset $3000 loss in 2023 reducing it to $7000, carry $4000 loss to 2024, and similarly $1000 loss to 2025?
Andre, I wanted to understand how does the carry-over loss apply to future gains? E.g. I had a $10000 gain in 2022 and a loss of $20000. That will make my net loss to be -$3000 (2022) and a carry-over loss of -$7000 for next year. Now, if I have another $10000 gain in 2023, $10000 in 2024, and $10000 in 2025 - can I offset all $7000 loss against the 2023 gain and reduce it to $3000? Or, can I only offset $3000 loss in 2023 reducing it to $7000, carry $4000 loss to 2024, and similarly $1000 loss to 2025?