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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
Tax attributes
When debts are cancelled in bankruptcy cases, the cancelled amount is excluded from gross income. Tax attributes are certain losses, credits, and property basis that must be reduced to the extent of the exclusion.
