I have some capital gains and some capital losses. My net is a gain. Can I defer just the losses to a later year or does that only apply if I had a NET capital loss

[trevor-w-thompso]

I have $25,000 in gains and $5,000 in losses for a gain/loss of +$20,000. For my specific purposes it would be better for me to pay taxes on the 25,000 gain this year and apply the 5,000 loss to a future year. How do I do that OR is that not allowed?

[fuzzy · Accepted solution]

It is not allowed.  You cannot pick and choose which year to report your disposition(s) of capital property.  You must report all of the dispositions in the calendar year (Jan to Dec) that you sell the property, or are considered to have sold the property.  You can only carry back or carry forward your NET capital losses.