PeterOut wrote:

- quote -

I think that under US tax law we *have to* offset these two
things. Matter of fact, all capital gains and capital
losses, LT and ST, are netted against each other under US
tax law, sorta like automatically. See how Schedule D
works...

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PeterOut wrote:

- quote -

Yes, see Schedule D and instructions. If your capital losses
are more than your gains you can also offset up to $3,000
against ordinary income. Any further excess gets carried
over to the next and future years, and is used in the same
manner.

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"PeterOut" <MajorSetback[at]excite.com> writes:

- quote -

Yes.

The netting rules are:
* First offset ST gains with ST losses.
* Then offset LT gains with LT losses.
* Then if one category has a loss and the
the other a gain, offset the gain in one
category with the loss in the other.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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MajorSetback[at]excite.com (PeterOut) posted:

- quote -

Yes. The Schedule D computations combine the net results of
short- and long-term sections in order to determine the
resulting amount to be entered on line 13, Form 1040
(capital gains).

Bill

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(Under US tax law) can you offset short term capital gains
with long term capital losses.

Thanks,
Peter.

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >