Capital gains and losses

[Polaris_Doc]

Hello, I was wondering if anybody could give me some advice on this year's taxes. I have had some gains in the stock market as well as some losses. Gains are long-term and losses would be short-term if realized. Also have some income from the sale of some real estate Investments with a group of people. I suppose they would technically be long-term as they were owned more than a year. Looking at a pretty hefty tax bill and wondering if it would be wise to realize some losses to offset the gains even though they would not be of the same type. Any help would be appreciated!

 

[LRNut]

Don't sell you stocks with long term gains, but if you have, the short term losses will offset them, but not a good deal for you. If you haven't sold anything, sell the ones with short term as long as they are not wash sales. WRT real estate, need to know more - you could be subject to cap gains as well as recaptured depreciation. Not sure what is a hefty tax bill in your opinion, but you really should see a CPA.