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If I'm sitting on $3000 worth of long-term losses, and claim them on my Schedule D for 2002, does this reduce my taxable income by $3K for 2002?

Also, I expect my tax bracket to remain the same next year, so it really doesn't matter whether I sell this year or next, but I'd like to reduce my taxable income as much as possible this year.

Thanks, Fool on!
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