Sorry if this is already addressed elsewhere, but I have a tax loss harvesting question. I took some profit on AMZN earlier in the year (should have sold all of it), and today just sold an even worse loser to counterbalance most of the profit, but there’s still about a $5,000 difference, and I sure as hell don’t intend to pay taxes I don’t have to.
I have the annual $3,000 loss carryover from wayyyy back… so my question is, do I need to sell $5,000 worth of another losing equity to make up the AMZN profit, or is the number $2,000 due to the carryover? Also, since I believe the carryover can actually offset my typical earnings, do I have the option to sell $5,000 worth of a loser to balance out the profit, and keep the $3,000 carryover for a tax reduction on my yearly earnings? Or is that not possible, or simply stupid?
I hope this all makes sense to someone, thanks in advance.