Tax gain/loss calculation

[larryton1]

Hello. Does anyone know how the long and short-term tax losses can be deducted from overall income? For example, suppose I have $25,000 in short-term and $10,000 in long-term capital gains from trading shares this year. I'd like to sell the bad holding stocks to offset the capital gain. However, the majority of bad stocks are long-term. Let's say I sold the bad long term stocks and lost $35,000. Can that be used to offset the overall gain?

[M-MTax]

The long-term capital loss of $35,000 would offset your STCG of $25,000 and your LTCG of $10,000 for a net of $0.