Capital loss

[hruparel2017]

If I had loss of 100000 dollars last year and gain 100000 dollars gain this year. I can deduct the whole amount this year or only 3000 dollars. Thanks

[Anonymous_]

Your $100,000 loss would entirely offset your $100,000 gain leaving you with a net capital gain/loss of $0.

[VolvoGirl]

You mean you had a 100,000 loss in 2020?  Was that the net loss after gains or after the max deduction of  3,000?  Then after you took the max 3,000 loss on your 2020 return you should have a 97,000 Capital Loss Carryover to 2021.  You first get to use the loss to offset any current gains.  Then if you still have a loss leftover you can only deduct 3,000 per year, the rest you have to carry over.