I had a rude awakening last April, and vowed NOTto repeat the performance. The market turbulencethis year gave me plenty of chances to take lossesas I upgraded my portfolio.Right now, I still have a taxable long-term gainof a few thousand, but my short-term is in negativeterritory.My QUESTION: When my taxes are prepared, will theshort-term loss offset the long-term gain? I realizethat they are treated differently, but what I'masking is whether the IRS allows you to deduct theshort-term loss and pay on the long-term gain.(Sorry for my confused language) I'm thinking of taking another loss before theend of '98. Then my short-term losses wouldexceed my long-term gains even further. Isthis OK...or is there some screwy rule I'm breaking?Any help appreciated....(obviously I need it <Grin>)Jack
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