Ah I thought I was in a similar position until I did some reading up on US tax law. Turns out that even though I sold and bought back within a very short time

Ah I thought I was in a similar position until I did some reading up on US tax law. Turns out that even though I sold and bought back within a very short time period the sale amount - cost basis = taxable income. I was doing some swing trading near the top and it ended up that I am paying significantly more taxes than I ever put into it. Oh well, live and learn.