If I realize $19k in capital losses against $16k in gains, how does that affect my taxes?

I have a taxable brokerage account. This year I've realized roughly $16k in capital gains, a mix of short-term and long-term. I also have around $19k in unrealized losses that I'm considering realizing before the end of the year. If I realize all $19k in losses, would that effectively wipe out my $16k in capital gains and leave me with a $3k net capital loss? If so, does that $3k actually result in a tax refund, or does it simply reduce my taxable income by $3k? I'm trying to understand the actual tax benefit of doing this. Thanks! submitted by /u/IntergalacticPodcast to r/personalfinance [link] [comments]

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