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Submitted By: Tony
Answered: May 27, 2014 8:30 am
Answered: May 27, 2014 8:30 am
Can my short-term gain on a real estate transaction be offset by a long-term capital loss carryforward?
Yes. While there are certain ordering rules for applying capital losses against capital gains, ultimately, long-term capital losses can offset any short-term gains.
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Tax Glossary
Disaster losses
Casualty losses such as from a storm, in areas declared by the President to warrant federal assistance. An election may be made to deduct the loss in the year before the loss or the year of the loss.
