Offsetting long term capital gains

[asiaexpat1]

What is the name of your state? overseas american
Suppose I had sch D long term cap loss 100k$. Then suppose I had a 80k$ long term capital gain this year. Can I offset that 80 against the 100 and not be subject to cap gains tax?

 

[Taxing Matters]

If Amy, a U.S. citizen or resident, had a net capital loss on her 2019 return of $100,000 then that net capital loss carries forward to her 2020 return. If Amy then has $80,000 in capital gains in 2020, she may offset those gains with her losses, including her carry forward losses from 2019. If those carry forward losses are her only losses then that means she ends up with $20,000 of net loss left at the end of 2020, $3,000 of which can offset ordinary income, and the remaining $17,000 would then be carried forward to 2021 and the process is repeated.

 

[asiaexpat1]

If Amy, a U.S. citizen or resident, had a net capital loss on her 2019 return of $100,000 then that net capital loss carries forward to her 2020 return. If Amy then has $80,000 in capital gains in 2020, she may offset those gains with her losses, including her carry forward losses from 2019. If those carry forward losses are her only losses then that means she ends up with $20,000 of net loss left at the end of 2020, $3,000 of which can offset ordinary income, and the remaining $17,000 would then be carried forward to 2021 and the process is repeated.

Thx--Thats what I wanted to hear

 

[LdiJ]

What is the name of your state? overseas american
Suppose I had sch D long term cap loss 100k$. Then suppose I had a 80k$ long term capital gain this year. Can I offset that 80 against the 100 and not be subject to cap gains tax?

Theoretically yes. Capital gains and losses can almost universally be taken against each other. Someone with a capitol loss carryforward who has a capital gain in a future year can normally take that gain against the capital loss carryforward.