Short Term Loss Rules Today?

Does a net short term loss, after cancelling long term gains, still offset ordinary income dollar for dollar up to $3000? Or is it some other rule
today.
I'm wondering if it's worth selling before a year to protect the short-term nature of the loss.
I've been out of this for two decades and who knows what's been changed.
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Yup. Any remaining capital loss gets carried forward.
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Paul A. Thomas, CPA
Watkinsville, Georgia
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Yes.
But so do long-term losses after cancelling short-term gains.
The algorithm is: (a) combine ST gains and ST losses to get net ST gain (loss). (b) combine LT gains and LT losses to get net LT gain (loss). (c) combine net ST gain (loss) with net LT gain (loss) to get net capital gain (loss). (d) if there is a net capital gain, the whole gain goes on 1040 and the LT piece of it (if any) is taxed at the special LT rates via the cap gains worksheet. (e) if there is a net capital loss, the loss (but no more than $3000 of loss) goes on 1040 and offsets ordinary income. (f) The excess loss is carried over to next year, and retains its sub-characters (the ST and LT portions of the loss are carried over separately)
-- Rich Carreiro snipped-for-privacy@rlcarr.com
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If there is both LT and ST loss, which does the $3000 used against ordinary income come from?
Seth
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Seth wrote:

I'm pretty sure this must be in the group archives, but anyway, first against ST, then LT.
-Mark Bole
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