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"i.e 2. $13,000 in long term gains in a given year against $10,000 in long term losses in the same year, $3,000 offsets ordinary income. Gains that exceed $3,000 would be taxed at the capital gains rate."


Presumably you meant 13000 in long term losses and 10000 in long term gains - with a net 3000 loss

Otherwise you would have 3000 in a long term capital gain and that would be taxable.

but I'm sure the pros will be here any second.

JimA
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