Capital losses

V

Vinny1

I have a question. If you have 10,000 in losses in 1 year for example, I know that you can deduct 3,000 of it in 1 year and carry forward the 7,000 in losses. Say you have 7,000 in gains the following year, can you use the whole 7,000 in losses to offset against your 7,000 in gains or can you only deduct 3,000 against the 7,000 in gains, leaving you with 4,000 in gains to pay taxes on?
 
Losses carried forward can be offset by like gains (i.e. short-term, long-term) in subsequent years up to 100%.
 
Quote from rwk:

Losses carried forward can be offset by like gains (i.e. short-term, long-term) in subsequent years up to 100%.
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So if my 7,000 loss that I'm carrying forward is a long term loss (or short term) and my current year's gain of 7,000 is short term (or long term), can I not offset my 7,000 loss against the 7,000 gain?
 
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