Let's say I started 2018 with $1,000,000 invested in the stock market. By the end of 2018, I had $250,000 of realized capital losses, and my account value was down to $750,000. In 2019, I'm able to get the $250,000 back in realized capital gains and my account value is again $1,000,000. I've made no money in that period, but am I interpreting the law correctly to think that I would have to pay capital gains tax on $247,000 ($250,000 realized capital gains -$3,000 capital loss carry-forward) realized capital gains for 2019?