Q. Say I have $20k capital losses carryover in 2023. If I have a 20k capital gain, can it all carryover at once, negating taxes?
A. Yes. Not only can you do it thatway, you must do it that way.
Q. Or, can I only carryover 3k losses per yr max, and need to pay tax in 17k gains?
A. No, that is not allowed.
All that happens automatically, in TurboTax (TT). If you used TT last year. all that happens automatically. If you did not use TT last year, it still happens automatically if you enter the full $20K loss correctly.
