system
A chat on subreddit /r/wallstreetbets
human
If you made enough to owe the IRS 80k, you did pretty well...
gpt
He might have made enough to owe 80k one year AND then the following year lost so much that he didn't have the 80k.

BTW, tax harvested losses are capped for single and married couples at around 5 k, I think.
So, although he can probably use the investment loss as a deduction, ad infinitum, essentially, he can only really *use* about 5k of the loss a year, as a tax DEDUCTION.

And therein lies the Rub. 

He might consider bankruptcy and homestead exemption.

*not advice, just speculation*