Capital gains and losses

[zetta]

When doing our taxes, will a long-term capital loss offset a short-term capital gain, or are the two catagories treated separately? So far this year we've got a long-term loss of $4k, and a short-term gain of $12k. I'm wondering if I should hurry up and take another long-term loss before the end of the year. (I want to move money into a 529, so I need to sell a bit anyway.)

[KTP]

almost 100% positive a long or short term loss will offset any long or short term gain or even $3000 of ordinary income.