I've been delving into the tax situation, never done taxes on trading before. From the IRS I hear you need to annotate each buy and sell and all fees.
I think you can take it as a capitol loss?
How you take this may be dependent on whether you use it as a primary source of income, or did it as any source of income? you can go to IRS.gov and read pub 544 and 550 and check out the schedules to see how things work out.
I called and I'm still not sure how to deal with all this except to list every transaction and what day and the profit or loss. Involved in some stocks over time and buying and selling small increments it seems that will be a monster pain in the ass. You bought a bunch, sold some, bought more, sold bought sold bought ... now which particular shares did you sell? I dunno!
On your particular question, I think calling 1-800-829-1040 would be a good idea. That specific question might be pretty easy for them. I waited 45 minutes to talk to them.
That other guy telling you that you are stupid for keeping track of taxable income? What a monster Richard Head! lol
Good Luck!
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