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I have a very basic and ignorant question about investing and taxes. I'm sure this has been covered, but I'm not finding the info I need ... so here goes.

Would it be a good idea to sell some stocks for a loss now that the market is down and buy them right back again? This would give me a loss to offset gains at the end of the year. Can these losses only be used against capital gains, or can they be used against other income, too? If so, what types of income? Any help would be appreciated. Thanks in advance.

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