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[[I need to know whether there are new rules on offsetting a long term loss with long term gains.
Specifically, I have a long term loss from holding an asset more than 18 months. In order to offset
this loss must I hold assets with gains for 18 months or does the new law permit me to offset it by
holding for the traditional 12 month period? TIA]]

In effect, you DO have to offset 28% assets and 20% gain assets. But that is done automatically on the Schedule D.

But you do NOT have to wait 18 months in order to offset a gain with a loss. If you have an 18 month gain, you can offset it with a 12 month loss...or even a short term loss.

All of the gains and losses are netted out before they get to the "bottom line" of the Schedule D. Check out the Schedule D and instructions for additional information.

TMF Taxes

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