If you profit through daytrading, Is it possible to owe MORE

>>2650709
what?
no.

Short term capital gains are taxed like regular income. Capital losses can be deducted from your taxable income.

>>2650759
Net (gains + losses) short-term (less than 1 year) are taxed at your marginal tax rate (same as you pay on wages)
Net (gains + losses) Long-term (more than 1 year) are taxed at a reduced rate. The rate depends on your tax bracket.

Net (short & long term) losses are deductible up to $3,000/yr and can be carried forward until the entire loss is deducted.

So, no you cannot pay more than profits in tax. For determining what your gain/loss is and whether its short or long term, see 'Realized' gains/losses statement from your broker.

Need any further clarifications let me know.

>>2650709
No
Making more money NEVER MAKES YOU LOSE MONEY

You make 10$, you pay taxes on 10$
You lose 10$ then make 11$ you pay taxes on 1$
You lose 11$ then make 10$, you pay taxes on 0$

File: vas.jpg (23KB, 340x355px) Image search: [Google]

23KB, 340x355px

>>2650709
The IRS is literally waiting for you anon.

>>2651764
This is the best example that clears up OP's confusion.

You are only taxed on the NET of what you profit n a calendar year. You can start trading in May with 10k, get up to 40k, go down to 5k, back up to 55k December 31, 2017. That will mean that your profit is 45k and you will be taxed on that.