[tsmith]

> more losses than the capital loss deduction limit ($1500)

Currently you can deduct up to $3000 of short term capital losses per year against other types of income (e.g. regular employment income), and any remaining balance can be carried forward indefinitely.

[dandelany]

I got the $1500 number from the OP, not sure where it came from. I didn't realize losses could be carried forward like that though, good to know!

[tsmith]

I am guessing OP was able to decrease his/her taxes owed by $1500 (e.g. by deducting marginal income by $3000 at a combined state and federal marginal tax rate of ~50%).

*Edit: or, as cbhl points out below, OP is married filing separately, in which case the deduction limit is $1500/year (multiplied by marginal tax rate to yield actual tax savings).