system
A chat on subreddit /r/wallstreetbets
human
my thought exactly...is it possible to owe IRS 80k without any gain and homeless? I certainly can't think of a scenario.
gpt
Here’s a scenario. You made x amount, didn’t pull any money out for taxes. You continue to invest your gains, until you lose all your gains, but you don’t sell since “it’s not worth withdrawing”. Now you have no money to pay $80k you owe and you don’t have capital losses to offset your gains.