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Dukezx
Level 1

Capital gains personal

I have net long term capital gain losses from last tax year(stock sales) that I  carryovered to this year. Can I offset my SHORT term capital gains(also stock sales) for this coming tax year?

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tagteam
Level 15

Capital gains personal


@Dukezx wrote:

I have net long term capital gain losses from last tax year(stock sales) that I  carryovered to this year. Can I offset my SHORT term capital gains(also stock sales) for this coming tax year?


Yes, you can use your long-term capital loss carryover to offset your short-term capital gains (up to the amount of those losses plus $3,000, which can be applied to offset other types of income.

 

See https://www.irs.gov/taxtopics/tc409

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1 Reply
tagteam
Level 15

Capital gains personal


@Dukezx wrote:

I have net long term capital gain losses from last tax year(stock sales) that I  carryovered to this year. Can I offset my SHORT term capital gains(also stock sales) for this coming tax year?


Yes, you can use your long-term capital loss carryover to offset your short-term capital gains (up to the amount of those losses plus $3,000, which can be applied to offset other types of income.

 

See https://www.irs.gov/taxtopics/tc409

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