Short term vs Long term Cap LOSS difference

[Mcsavesalot]

Hey all you tax savy peeps out there,
I have an investment account that I'm in the process of reconfiguring after having a Advisor. I'm looking to sell my holdings. I've been instructed to 1. Look for losses and sell those first. I have short term and long term losses. If I realize these I know they go towards like kind. Short term loss offsets short term gains and long term loss offsets long term gain. My plan is to hold my short term gains for a year so I don't realize them until they become long term gains. My question is will both my short term and long term losses go towards my long term gains as I wont be realizing any short term capital gains with my plan. Thanks everyone I'm new to managing my own account and I don't want to start this journey with a huge tax bill that could have been avoided!

[terran]

Yes, both long term and short term losses will offset gains of the other type once they've been used up offsetting gains of their own type. Up o $3000 of any losses in excess of gains can also offset ordinary income. Any further losses will be carried forward to future years. See Schedule D: https://www.irs.gov/pub/irs-pdf/f1040sd.pdf

If your goal is to get out of your current investments then you may as well sell investments with short term gains up to the limit of losses.