Replies to post #61037 on Zeev's Turnips Patch-No Politics (ZEEV)

[MechanicalMethod]

Amateurs open and professionals close. Today the pros were bullish enough they let the amateurs keep their profits ... for now <g>

[Babylon]

sylvester80,

I know you are not a CPA, but I have a VERY basic and easy question (don't ask why I'm asking though) for you or anyone in the know.

Can I deduct more then 3000 dollars of realized short term losses against let's say 20000 dollars in long term realized gains during the same tax year? IOW if I have 10000 in ST losses and 20000 in LT gains, will my liability be 10000 or 17000 (and have to carry forward the rest in coming years, if it is the $17000)? TIA.