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jemilk t1_jedd0ho wrote

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

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

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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.

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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.

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maidog6 OP t1_jede2fp wrote

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

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