Example:
2020 I took 20k loss. I can offset 3k against income
2021 I took 10k cap gain. I can offset 3k against income, and then I can “consume” 10k of my cap losses (out of 20k) to offset the 10k gain
Simple
Where did I lose money?
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Worth noting, using HIFO I’m always at a “loss” on paper
