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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
Simplified employee plan (SEP)
IRA-type plan set up by an employer, rather than the employee. Salary-reduction contributions may be allowed to plans of small employers set up before 1997.
