What happens if you have long term gains and short term losses? For example, if someone had $10k in LT gains and $6k in ST losses. Do you pay LT cap gains on all $10k (15% tax), $3k credit on ST cap losses (35% tax), then carry over the additional $3k into 2006? Or do you net them out, paying LT cap gains on $4k?BBQa little confused this tax season
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