Say someone is a single filer who has an overall capital income this tax year (2022) of -$3000 from selling stock at a loss. They are doing their 2022 taxes in 2023 like everyone else.
That $3000 can only offset taxes that they would otherwise have paid as an employee or own a business, right? So like if in a vacuum they made $0 from working that year (2022), then they won't get a refund this year (filing in 2023 for 2022 taxes), because the capital losses from selling stock have zero income to offset? Like, if they worked and paid several thousand dollars in taxes this year (2022), then they can get a refund by deducting from their income because the stock loss offsets that. However, if they have $0 in income taxes, then the full $3000 loss is carried forward; is that accurate?
