@tester74 let's parse this and clarify terms
<< I have Long term gains of about $103,000 in Stocks and about $60,000 in short term gains.>>
I think you mean these are UNREALIZED long term gains and short terms gains. you have not sold these positions, right?
<< In order to reduce my taxes to be paid in 2025, I plan to tax harvest my losses up to $75,000, so net at the end of 2024 will be $103,000 LT gains and $15,000 ST losses. >>
<< $103,000 LT gains and $15,000 ST losses. With this strategy, will I pay Long term tax for $88,000 in 2025?
Next year if I make ST gains of $45,000, would I pay ST gains on 45,000 or would I be able to recapture any of the 15,000 LT capital gains>>
did you mean to call this ST term in one place and LT in another place? are these the same dollars or different dollars? it's hard to follow.
you also have $75,000 of unrealized loses, right. If you sell these positions, the long term losses will be netted against your long term gains and the short term losses will be netted against the short terms gains. It appears you are assuming all the losses can be netted against the short term gains. Not true (unless all the losses are short term).
let's stop there and ask you to reconfirm the terminology. It's not clear whether these are unrealized positions in 2024 or you are selling all these positions, so they are really realized gains and losses. Once you clarify your remarks we can answer your question.
