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Thanks for clarifying the issue (about how cap gains and losses are to be applied). I went to Foolmart and bought a copy of the MF Tax Guide.

But, I've got another question:

After finding the net LT cap gain/loss and net ST cap gain/loss, and combining those results to end with an overall loss, I now can use what's left to offset ordinary income, up to a limit of $3000 per tax year.

After applying the $3000 loss, let's say I've still got some loss left. Do I apply this loss to next year's net LT/ST cap gain/loss calculations, or can it be used directly to offset next year's ordinary income?

Thanks again,

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