short term capital gain/loss are the result of selling an investment bought within 12 months prior to the selling. They are taxed at your income tax rate.
long term capital gain/loss are the result of selling an investment more than 12 months prior to the selling. They are taxed at 0%, 15% and 20%, depend on your adjusted gross income.
Capital loss can be deducted from capital gains, regardless the investment is a real estate or stock or collectibles. However, same type of capital gain/loss (short term vs. long term) has to be deducted first before being applied to a different type of capigal gain/loss.
It looks like you have a short term capital gain of 60K. and uncertain mix of short term or long term loss of 40K. In this case, all of the losses can be used to offset the short term capital gain.
