I think you can take up to $3K/year in losses if you have no gains. So if you have 0 gains, you adjust your income down by $3K. If you have 10K in gains, you ca

I think you can take up to $3K/year in losses if you have no gains. So if you have 0 gains, you adjust your income down by $3K. If you have 10K in gains, you can negate out that 10K. That's my early morning understanding of it though.