Once one type of loss is depleted it can be used to offset the other type of loss.
Losses on your investments are first used to offset capital gains of the same type. So, short-term losses are first deducted against short-term gains, and long-term losses are deducted against long-term gains.
Net losses of either type can then be deducted against the other kind of gain.
Also, see the TurboTax article Capital Gains and Losses
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