Viewing a single comment thread. View all comments

maidog6 OP t1_jedcpcg wrote

Reply to comment by VisualMod in Can someone help me understand my taxes as an unprofitable day trader? by maidog6

How do i pay taxes on a net loss though? I gotta pay for losing money?

0

jemilk t1_jedd0ho wrote

In US, you can deduct investment losses up to a limit on your return. It can potentially reduce your tax burden.

3

maidog6 OP t1_jedd6yu wrote

Im in the US. So how much would I owe if I lost 4,619. I have no gains. So I have to pay taxes on losing money.

1

jemilk t1_jeddj0l wrote

No. You’d likely owe nothing and have a carryover loss to apply to next year’s gains. But you still have to file the taxes showing you owe nothing.

2

maidog6 OP t1_jede2fp wrote

ah ok. thanks for letting me know this. i appreciate that

1