Question regarding Taxes on Day Trading
Not sure what the correct answer is to this but I have to ask what the taxes are on losing money in the stock market, and then making it back.
So for the tax year of 2016, I traded and lost a net of $11,000, Now starting the new tax year of 2017, I am a net profit of $1,500 Now my question here is:
Do I start getting taxed on my 2017 based on what I profit in 2017, or do I wait until I go above my all-time losses of $11,000 until I start getting taxed on the profits?
It's a pretty complicated question.
Thanks for any advice in advance!