@crajarshi to asnwer your specific quesztion, and what you state is a little confusing, so let me restate it.
You owe the IRS $70,000 from the 2021 tax year
You now have a loss of $68,000 on 2022 trades
1) you still have to pay the $70,000if
2) the $68,000 can be used to offset gains from sales in securities from 2022 forward. If you don't have any gains in a particular year, $3,000 of the loss can be applied to reduce your ordinary income.
