Thanks to both, great answers. Still a good profit for me even though it's small. I was figuring in the fees so it really was $64. Still between 3% and 5% profit is great IMO. I gotten burned by the pump and dump hype so I started this new strategy.

you dont pay taxes on fees. They add to your basis and reduce your net sale proceeds, so your overall capital gain is lower.

Give us some more information.

You are only taxed on your actual GAIN...

A $50 "profit" on $1,200 (including the $7 buying and $7 selling fee) means you are really only making $36 per trade, or less than 0.3%

I'm a novice US investor. I have two investments of about $1,200 each, usually in big oil or leveraged ETFs. I decided to sell after I reach $50 in profit for each investment including the $7 buying and $7 selling fee, which isn't that hard in this market. And then rebuying similar or same stock or ETF. So am I getting soaked on the taxes for the fees?