Real Life Application of the Capital Gains and Losses Rules: I have a client who is in his 70's, in 2020, he incurred significant capital losses in the amount of $65,000 because he sold some stocks when the stock market fell as a result of the pandemic. Unfortunately for him, the stock market started coming back relatively quickly, so that made his stock sales seem all that more awful. LESSON #1 - NEVER panic when the stock market suddenly falls-selling out of fear is always a bad idea. The stock market ALWAYS bounces back-you just have to wait for it. Because my client's losses are investment losses (and therefore capital), he can only deduct $3,000 per year against other income. With $65K in losses, it will take him more than 21 years to recover those losses. Since he is in his 70's, he may not live that long. What advice might you give him to use up those losses faster