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I am thinking of selling a stock ABC for a short term gain so that I can offset a larger long term loss on XYZ.

My thought is to sell ABC and then buy it back immediately so that I can use the gains from ABC.

One additional thing to consider is that your long term loss is deductible against regular income, up to $3,000, if there are no offsetting capital gains. I have a net long term loss and I'm avoiding selling a stock to get a gain so I can use some of the loss against my wages. I'll have some loss left over, but I'm going to use it in 2002.
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