You get to first offset the loss against any gains you have each year so that can use more of it up. Then after applying the loss to the current gains you can take a max loss of 3,000 per year.
If you have investment sale losses, after you subtract the losses from your gains you can only deduct up to 3,000 per year. You can only deduct up to 3,000 (1,500 MFS) loss per year after any gains you have. So if you have a lot of current gains you can use up the loss. The rest you will have to carryover until it is used up.
If you transferred your prior return it should be already filled in. See Tax Tips
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