Short term capital gains

[SalsaSause]

So throughout the year I started day trading I hit it big on one trade and sold it. I than reinvested that money and took major losses. How will my tax’s at the end of the year look am I still on the hook for paying short term tax on that one trade that made money or will my overall portfolio be taxed at the end of the year. Hopefully I did not really screw myself here.

[HelenC12]

Your total capital gains for the year minus your total capital losses results in either a net capital gain or a net capital loss.

• If the result is a net short term capital gain (gain on assets held one year or less) is taxed as ordinary income.
• If the result is a net long term capital gain (gains on assets held more than one year) is taxed at a more favorable rate than ordinary income.
• Net losses are deductible, but only up to a maximum of $3,000 ($1,500 if married filing separately). Any capital losses you couldn't deduct this year can be carried forward and deducted on future tax returns. This is called a capital loss carryover.

[Arnie5]

When can I take a long term capital gain and off set it from short term capital loss