CAPITAL GAINS

[swz73000]

I CURRENTLY  HAVE A CAPITAL GAINS CARRY OVER OF $ 115, 000 ACCUMULATED OVER SEVERAL YEARS. DURING 2020 I HAD CAPITAL GAINS OF 102,000. WILL THEN ENTIRE $115,000 CARRY OVER I HAVE OFF SET THE ENTIRE $ 102,000?

[DavidD66]

Yes, you have a $115,000 capital loss carry over it will transfer and offset any capital gains you have, up to $115,000.  So if in 2020 you have a capital gain of $112,000, your carry over will offset 100% of it, and you will have a $3,000 loss carry over to 2021.