I have a question related to short term stock and stock options trades in the US markets with domestic stocks.
Early in the year I made about 300K in gains on stock and stock options trades. Later in the same year, I had a roughly 500K loss on a series of equity call options trades. ( related to Viacom VIAC stock being flat and expiration ) All the trades were short term and positions were held less than 1 year. Pretty much wiped out my savings at this point. My question relates to the tax consequences. Would I just add up all the short term gains and losses and then consider the net sum of those as the taxable income? If its positive income, then that amount would be taxed? Also, if there was no income because the losses were greater, then would I still face tax payments? I've been assuming that I add up all the short term losses and gains to determine what is taxed. Though, given the large amounts I would like to be sure about it. 🙂 None of the trades were long term. Any suggestions would be appreciated. Just want to be sure I'm not in store for an April nightmare surprise.
