For example, if I had a $10K 2019 stock trading loss carried forward to 2020, and I had a net 2020 stock trading gain of $40K, my understanding is my 2020 taxable amount would be $30K, correct? I had a TurboTax live call today and the lady confused me with her answer that I can only use $3K of carrying forward loss to offset against my gain of $50k in 2020. Please assist and confirm.
Thank you
