I finally took a loss with a penny stock that I held over the last 7 years. So here is my "hypothetical" situation: I will have a 30K long term capital LOSS showing on my 2007 return I will have a 10K short term capital GAIN showing on my 2007 return Will the -30K + 10K = to -20K cary over for next year?
Or is it not possible to offset any long term LOSS towards any short term GAIN? Thanks for the feedback...