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Lets say I have online brokerage A providing me with an individual (non-retirement) investment account. Call it X. I also have a Forex account, call it Y. If I make $500 in X, and -$300 in Y on the year do I owe that income tax as net $200? Or just on $500? What if it was absurd and was x=600 and Y=-4000? Would I still owe taxes on $600? I would imagine it has to be net, right?

Obviously ignoring the stuff like different tax brackets, short vs long term capital gains, etc...

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If I make $500 in X, and -$300 in Y on the year do I owe that income tax as net $200? Or just on $500?

200 USD, assuming that you are talking about US taxes. See https://www.investopedia.com/articles/investing/062713/capital-losses-and-tax.asp (mirror):

Any loss can be netted against any capital gain realized in the same tax year, but only $3,000 of capital loss can be deducted against earned or other types of income in the year. Remaining capital losses can then be deducted in future years up to $3,000 a year, or a capital gain can be used to offset the remaining carry-forward amount.

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