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Financial Planning / Tax Strategies


Subject:  Re: Short term loss Date:  7/26/1999  10:15 PM
Author:  TaxService Number:  17683 of 127745

I sold stock at a loss, short term. At tax time will I be able to write off, short and long term gains or just short term gains against these losses?

Net your losses. Use your short term losses to offset your short term gains. Use your long term losses to offset your long term gains. If your total losses exceed 3000, you may deduct the first $3,000 of losses in the current year. Any balance is carried over to future years until it is consumed by gains, carryovers, or your demise.

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