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Level 1
posted Jul 15, 2021 2:38:32 PM

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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1 Best answer
Level 15
Jul 15, 2021 3:25:04 PM

@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

1 Replies
Level 15
Jul 15, 2021 3:25:04 PM

@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