I'm holding a couple of positions that I would like to jettison before the end of the year but wanted to get a confirmation of my current sitch before I do anything.
$15,000 net short term (gain)
-$16,000 net long term (loss)
————
-$1,000 net long term (loss)
So as I understand it, I won't have to pay any capital gains taxes at the short term rate and I could still deduct $1000 from my taxable income. Can someone confirm, please?
Just for a little background, I sold off a couple of long positions early in the year to get cash . Then managed to gain almost the same amount back by trading. Managed to get pretty lucky in that respect but now I'm also holding couple of shiny turds that will be short term losses if I sell before year end because I doubt they will recover in the current environment. I really don't want to go over the $3,000 carryover limit if I can avoid it.
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