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Any excess losses beyond the $3000 you can deduct against regular income will be carried forward to future years. You will be able to offset $3000 of net losses each year until all of your losses are used.
Thank you Ira! For further clarification (Friday night and I should wait until my brain exits "fried" territory, but oh well):

1. When you say "You will be able to offset $3000 of net losses each year until all of your losses are used," I am still unclear if this means short-term or long-term losses.

Let me elaborate. Right now I have no long-term gains I wish to use to offset any losses. I have both long- and short-term losses. If my short-term losses this year are less than $3000, may I use long-term losses as well, to offset the remainder of the $3000? (and carry over any remainder to future years)

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