jack wrote:

- quote -

Yes. The LT losses will first offset LT gains, then ST gains, then if
anything is left, $3000 of regular income.

Joe

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I have a huge amount of long term losses this year. Can I use them to
offset short term gains?

Yeah, I know it is all in the directions about adding up each separately and
then combining them; but it is all so confusing. So I thought I would ask a
nice simple question to be sure I got it right.

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<< ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- >