Can any portion of short term capital gains be used to offset long term capital losses?

Question

I have short term cap gains and long term cap losses that roughly equal each other. I know that same-term realized sell activity can offset, but what about short vs. long?

Thanks for your help in advance.

Answer 1

It's kind of the other way around - your losses offset your gains - but yes, first you net short term transactions and net long term transactions, then you net the two together. Your net gain or loss is then long term or short term depending on which is greater. Look at a form 1040 schedule D - you can download it at irs.gov