Originally Posted by smjsl
If you TLH when you have almost no ST or LT gains, you get to transfer tax savings into the future, but it will again offset LT gains first in future years at lower cap gains rate (up to 3k can be used each year I think if in future years you don't have any ST/LT cap gains).
smjsl.......generally agree w/ what you said. You might consider rewording the quoted paragraph above to reflect that fact that up to 3K of "excess" capital losses can be used against ordinary income in the present and future years (regardless of whether you do or don't have any ST/LT CG that year).
Also for this yr and next, if you are in the 15% bracket (for all income) and have already harvested a LTCG, you might consider whether you would be
"wasting" a small TLH since your LTCG is already taxed at 0% and the small TLH won't help reduce taxes any further (unless it got to be an "excess" loss and could be taken up to 3K against ordinary income).