If I have a 10K cap loss carryover from last year and a 50k long term cap gain this year (no short term stuff), must I apply all of the carryover to this year's gains?

[jimaco44]

To be clear -- there are no short term gains or losses for this year. There is just regular income, long term cap gains and the cap loss carry over from the previous year. 

[PatriciaV · Accepted solution]

Yes, if you have a capital loss carryover and you have capital gains on your current return, you are required to net the carryover loss against your current gains. The character of the gain/loss is not retained; short term may be offset against long term and vice versa.

See also: IRS Tax Topic 409 - Capital Gains and Losses

[jimaco44]

Thanks!