:

do short term gains offset long term losses

I have a huge amount of long term losses this year. Can I use them to offset short term gains?
Yeah, I know it is all in the directions about adding up each separately and then combining them; but it is all so confusing. So I thought I would ask a nice simple question to be sure I got it right.
--
>
>
 Click to see the full signature
Reply to
jack

Yes. The LT losses will first offset LT gains, then ST gains, then if anything is left, $3000 of regular income.
Joe
--
>
>
 Click to see the full signature
Reply to
JoeTaxpayer

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.