You can carry unused capital losses into 2008 from 2007. You can also use short-term losses, sale of capital assets held less than one year, to offset short-term capital gains. Long-term capital gains/losses occur when you have held the assets more than one year. As you review your portfolio, try to offset gains with any losses. If you sell a stock at a loss and want to re-buy the stock, you must wait until day 31 after you sold in order to buy it back. If you repurchased within 30 days, the loss does not count.

 
This information is provided in an effort to help you gather and organize the information necessary to file your individual or small business income tax return. While these financial tools are not a substitute for financial advice from a qualified professional, they can be used as a starting point in your decision making process.