You can take the entire capital loss if there are enough long term gains. Just enter the transactions in TurboTax and it will calculate the net for you--the long term losses will offset the long-term capital gains. After doing that, if there is still a capital loss, you can deduct up to $3,000 of the loss against your regular income. The amount above $3,000 will be carried forward to next year's tax return (and beyond, if necessary).
@MoreyTax
