Are unrealized foreign exchange gains and losses taxable?

Tax question about short term gains and offsetting short term losses.?

• I want to buy long and short position (bull and bear) etf's and attempt to time the market. I understand the wash rule says that I cannot claim the short term losses on my taxes, but will these losses offset the short term gains? Or will I be forced to pay taxes on each of my short term capital gains (without the short term losses offsetting the short term gains, I will probably end up paying more in taxes than I actually make in the market!) Any tax professionals on here?

• Answer:

  You just can not take the loss if you buy back the same stock. Otherwise gains will be offset by losses.