I have both short term and long term capital gains. I want to offset these gains. Can I use long term capital losses to offset both short and long term capital gains?

[bob3875]

If I have 3k in short term capital gains and 5k in long term capital gains, can I take 8k in long term capital losses to offset both of these gains? If not how do I do it?

[Anonymous_ · Accepted solution]

The TurboTax program will make the calculation for you, which basically amounts to combining your capital gains with your capital losses. 

See https://www.irs.gov/publications/p544#en_US_2019_publink100072648

In the fact pattern you stated, your $8,000 in gains would essentially be combined with your $8,000 in losses, which would net to $0 gain/loss.