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Split Short-term and Long-term capital gains taxes
I have a $100,000 capital loss carryover from 2023, split as follows:
- $50,000 short-term loss
- $50,000 long-term loss
For 2024, my capital gains are:
- $150,000 long-term gains
- $20,000 short-term gains
I want to structure my tax situation to:
- Use only $50,000 of my long-term loss to offset long-term gains, so I pay taxes on the remaining $100,000 long-term gain (because long-term gains are taxed at a lower rate).
- Use only $20,000 of my short-term loss to fully offset my short-term gains.
- Carry forward the remaining $30,000 short-term loss to next year to offset future short-term gains (since short-term gains are taxed at a higher rate).
How can I do this in TurboTax?
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‎February 12, 2025
8:34 PM