Capital gain and loss

[qwer1234]

My tax status is married and filed jointly. 

If my family has a long-term capital loss  (-$8000) and a short-term capital gain ($5000), can I use -$8000 to offset the short-term capital gain first and then deduct $3000 from ordinary income? 

[Critter-3]

Yes ... you are quoting the rules correctly. 

[qwer1234]

When I google the relevant topic, the following statement puzzles me. Is that a legitimate statement?

"Long Term Capital Loss can be set off only against Long Term Capital Gains. Short Term Capital Losses are allowed to be set off against both Long Term Gains and Short Term Gains."
Source:  How to Set off and Carry Forward Capital Losses - ClearTax

[Critter-3]

When all else fails read the FORM instructions ...  https://www.irs.gov/forms-pubs/about-schedule-d-form-1040

which will confirm my answer from 27 years in the business teaching income tax courses. 

[Anonymous]

WRONG!.  short-term gains and losses are netted as are long-term gains and losses. then if one type has losses while the other type has gans they are netted. if the net is a loss then up $3,000 (MFS $1,500) can be deducted against other income if the loss exceeds $3,000 (or the MFS limit) the exc4ess is a carryover of the same type as that which created the excess losses. ex $12,000 net LTCL, $4,000 net STCG, $3,000 is deductible and there is a $5,000 LTCL carryover.  reverse the numbers and there is a $5,000 STCL carryover