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Get your taxes done using TurboTax
Yes, that carryover loss of $57,000 will offset the 2022 gain of $57,000. Losses are applied in order so that long-term losses will offset long-term gains, and short-term losses will offset short-term gains. Then, if there still remains a gain after the losses have been applied in the proper order, whatever losses remain (whether-short term or long-term) are applied against the remaining gain.
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‎April 19, 2022
10:36 AM