Tax question

[vindikation]

I just started trading this year so I've never filed taxes with short term stock gains. My question is:

If I lose $500 in trades and make $700 in trades, will I pay short term capital gains taxes on $700, $200 or some other amount?

Thanks

[Sniper]

You will pay taxes on the Net gain. ($200 in your example)

[vindikation]

thx

Regarding losses, you can deduct up to $3000 a year. If you have more than 3K, you can carryover the excess to future years.