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Say I buy stock X on Monday, sell it on Tuesday for a $200 profit, buy it back on Wednesday, then sell it on Thursday for a $100 loss. The next week, I buy it again on Monday and sell it for another $100 loss on Tuesday. For the rest of the year I do not buy stock X again.

In total I had a $200 gain and 2x $100 losses. If I understand wash sale rules correctly, when I bought the stock on Monday of the second week, a wash sale occurred and my cost basis should be adjusted to include to previous loss. What happens after I do my final sell of the stock? Do the total gains & losses offset each other and on my capital gains I see a net gain of $0 for the year?

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Yes, the net effect is zero. If you own zero shares by Nov 30, for example, and don't buy any more shares by 12/31, the year is done, and nothing left to account for.

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