For example, if you have $100,000 in gains following the swap of BTC and $150,000 in losses from swapping ETH, you cannot report $50,000 in net capital losses (line 7, Schedule D) for the year. You are capped at a $3,000 loss per year. However, you may carry over the $47,000 in losses to future years (indefinitely until the $47,000 is exhausted). If in 2022, you have $100,000 in total net capital gains, you may offset these gains by the full $47,000 in losses from 2021, and thus, your net capital gain for 2022 would be $53,000 ($100,000 less $47,000 in “carryover” losses from 2021).