Not exactly. The 2018 loss offsets the 2019 gain. In addition you are allowed to use $3,000 ($1,500, if married filing separately) as a deductible loss each year.
If your capital loss carryover was $34,734 from 2018, you would use $3000 in 2019 and carry forward $31,734. Since the amount you are carrying forward is only $28,869 to 2020, you must have had $2,865 in gains, or capital gains distributions, in 2019.
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