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[[Is there a limit on the amount of short/long term losses that can be used to offset
gains in a given year? For example, gains $30,000 and losses of $10,000. Is the
net result then $20,000 in gains? ]]

Bob and Bob are both correct.

First of all, the amount of capital losses that can be used to offset capital gains (either long or short term) is unlimited.

So while Bob points out that you must first "net out" short term gains and then long term gains, you then "net out" one against the other. So if you have $50k in short term losses, and $50k in long term gains, they'll eventually net out against one another and your net capital gain income will be $0.

Bob makes a good point that long term capital gains receive preferred tax treatment, so they are really more valuable to you than to use to offset short term losses willy nilly. So there is some tax planning that should be involved. But your basis premis is right on the mark.

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