I started trading last year and I had more losses than gains. I thought I was going to have to pay taxes on those gains and that I deduct losses (up to $3000) against my regular income. But in doing my taxes on Turbo Tax, it sounds like the gains get canceled out from the losses in my case? $1246 in gains $1578 in losses. Turbo tax lists my stock gains as $-332. My owe/pay balance didn't increase after entering these in. Sounds like I do not have to pay capital gains on the $1246. Is that correct?
