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Thanks, much appreciated. Now I just need to figure out whether these losses can offset my NJ capital gains. I really need to move to a better state.. or country. :)

I have a few dozen spot FX trades in multiple pairs with individual losses not exceeding $50K, but the sum of all losses is about $70K. From my reading of the IRS requirements [1], it appears that individual transactions must exceed $50K. But that seems a little silly because couldn't people...