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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
Trust
An arrangement under which one person transfers legal ownership of assets to another person or corporation (the trustee) for the benefit of one or more third persons (beneficiaries).
