Can I use my long term capital gain losses to offset my short term gains?
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I have about 5,000 in losses on long term stock holdings that I recently sold. I have also recently sold a stock for 2,000 in profit short term gains though. So can I offset these gains with the 5,000 in losses? Then I should have 3,000 left over in losses that I can deduct from my AGI, right? Thanks!
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Answer:
correct, sort of - it's farther up on the form before you total everything to calculate your AGI, but yes it lowers your AGI by the $3000
gabe c at Yahoo! Answers Visit the source
Other answers
Yes...
Max Hoopla
Yes that is correct.
Mathew
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