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Deductions & credits
Yes, a short term capital gain can offset a long term capital loss.
Typically, the short term capital loss carryover would be used to offset the short term capital losses, and the long term capital loss carryover would be used to offset the long term capital losses in a current year.
However, when there is only one type of capital loss being carried over, it can be used to offset the current year capital loss regardless of it is for a short term or long term capital loss.
And yes, TurboTax will know to apply the capital loss carryover accordingly as long as you have the capital loss carryover entered into the program.
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March 8, 2021
5:28 AM