Can a short term capital loss balance long term capital gains?

My boss sold his house (lucky guy) at a price well above basis and over his $250,000 exclusion. He has a lot of stock losses this year. Can he use BOTH long and short term investment losses to cover his
long term capital gains on his house? Any additional ideas on the best way to reduce taxes on this one-time large capital gain event? He is over 70 years old and the house was located in Hawaii. Thank you.
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Yes.
-- Rich Carreiro snipped-for-privacy@rlcarr.com
-------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup.
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