Split Short-term and Long-term capital gains taxes

[Ralph123x]

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:

1. 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).
2. Use only $20,000 of my short-term loss to fully offset my short-term gains.
3. 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?

[ThomasM125]

No, you aren't allowed to do that. You have $130,000 in gains in 2024 and a $100,000 loss carryover from 2023. You must net the total gains against the loss carryovers in 2024, so you will have no loss carryover to 2025.