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Author: cstillwell55 Two stars, 250 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: Capital gains question Date: 9/9/2008 9:01 AM
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The company I work for was bought and so I now have both short term and long term capital gains on stock that I owned in the company. I may want to book some losses on other stock that I own to offset some of the gains. Can someone tell me or is there a publication that explains how the losses would offset gains? I assume that long term losses first offset long term gains and short term losses offset short term gains, but can long term losses that are in excess of LT gains offset ST gains?

~Stillwell
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Author: lorenzo2 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 101889 of 121219
Subject: Re: Capital gains question Date: 9/9/2008 9:07 AM
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I assume that long term losses first offset long term gains and short term losses offset short term gains, but can long term losses that are in excess of LT gains offset ST gains?

Right, and yes. If you have a look at 1040 Schedule D, all will become clear. (Well, as clear as things ever are in the world of taxes.)

Lorenzo

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