Capital Gains & Losses

[markmoney1]

If you have $100,000.00 in short term losses from prior years that rollovers, can you apply $120,000.00 of long term capital gains against these losses next year when you file taxes? 

[Holly W]

Hello @markmoney1 

Thank you for joining us today!  We are so happy you are here!

You can, but there are limits.  short-term losses are first deducted against short-term gains, and long-term losses are deducted against long-term gains. Net losses of either type can then be deducted against the other kind of gain.  
Here is link that will show an example. TurboTax Capital Gains & Losses 

Please let me know if you have any further questions, I will be happy to help.

[markmoney1]

Thank you for the answer.

Very much appreciated.