Question on long term/short term gains and long term losses

[nmanieri]

What happens if I sell multiple funds and in total have $2000 in long-term losses, $1000 short-term gains, and $10,000 long term-gains? Would the $2000 in losses cancel the short term gains and $1000 of long-term gains so I only have $9000 long-term gains? Or would I have $1000 short term gains and $8000 long-term gains? Or some other situation? Thank you in advance for clarifying this for me!

[mptness]

Or would I have $1000 short term gains and $8000 long-term gains?

This sounds right to me.

[earlyout]

Download a Schedule D from the IRS website, enter your numbers, and see the result. Long term loss only offsets short term gain after all long term gain has been offset.

[nmanieri]

Thanks for both of your replies, that's what I thought it would be so thank you for confirming!