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You are correct about the maximum allowed capital losses over capital gains. Look at a 2002 Schedule D. On the top of the second page is the process to figure out your loss to be carried over to the following year. On the front of the 2002 Schedule D there are two boxes for carried over capital losses, line 6 for short term and line 14 for long term. The procedure will probably be similar on the 2003 Schedule D.

Thanks for the assistance. I will take a look at my tax forms when I get home tonight. In addition, I will discuss this with my father and brother-in-law to see how they want to proceed.

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