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Can short-term loss be used to offset long term gains?

For US Taxes:

I've got a stock I've held less than a year that I'm thinking about dumping. I've also got some realized long terms capital gains this year.

If I sell the stock this year, can I use the short term loss to offset either regular income or the capital gains? I'll be in the 25% bracket. Would it be wise to do so?

Yes, they'll offset.

Go look at the schedule D and plug in the numbers and you'll see where they are added together.

In fact, you MUST offset any capital gains with a capital loss from the same year. If the loss EXCEEDS the gains, then you can use up to $3000 of loss against ordinary income.

Yes it can - look at schedule D. First all short term transactions are netted, and long term are netted, then the two totals are netted.

If you are planning to dump the other stock soon anyway, you might as well do it now.

Sure. That is in the part of your return for Capital Gains. I use turbo tax and download the sales from the website that we use for purchasing. Just don't re purchase the stock within a few months, as it is considered a wash sale, and you don't get any benefits from selling the stock at a loss.

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