(US tax) Will longterm capital loss offset a shorterm gain, dollar for dollar, or?

Question

I know the tax rates are different, but if I offset a $1,000 shorterm gain (held 4 months) by selling another stock for a $1,000 longterm loss (held two years), will this net zero?
Thanks

Answer 1

Yes it will. Short and long-term losses are first netted by st or lt, then netted together on your schedule D. The tax rate that applies to the net will be determined by which number, total short or long term, is larger.