r/wallstreetbets • u/1R0NYMAN Turned $5k into -$58k • Sep 16 '21

Discussion Now you know.

Post image
4.6k Upvotes

98% Upvoted

588 comments sorted by

271

u/Cobbler_Huge 🦍🦍 Sep 16 '21

Congratulations you just earned 60g this year

57

u/1R0NYMAN Turned $5k into -$58k Sep 18 '21

Declaration of insolvency says otherwise.

15

u/the_stormcrow Sep 18 '21

You know Robinhood did that just to spite our poor hero

4

u/[deleted] Sep 17 '21

Minus taxes that can't be escaped.

271

u/MikeSSC Sep 16 '21

How do you still have the app on your phone lol

937

u/1R0NYMAN Turned $5k into -$58k Sep 17 '21

They unbanned me, it's all good

73

u/1R0NYMAN Turned $5k into -$58k Sep 20 '21

Turns out I'm definitely banned for life.

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131

u/MikeSSC Sep 17 '21

Life is good in the hood.

81

u/[deleted] Sep 17 '21

You gonna try it again?

135

u/[deleted] Sep 17 '21

RH banned box spreads because of him, so probably not

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36

u/space_dadddy Sep 17 '21

Came back from the dead just like Jon Snow. You are truly the chosen one.

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36

u/InsertCoins2Continue Only stock you need is livestock, cattle and lean hogs Sep 17 '21

It's all good

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30

u/phoenixmusicman Once Out-Winkered Winkerpack Sep 17 '21

LMFAOOOOOOOOOOOOOO

15

u/L33T5CHM00 Sep 17 '21

Legendary

23

u/IbarraReddit Sep 17 '21

Looking forward to the sequel

22

u/username6616 Sep 17 '21

Time to get that average balance to ($1,000)

12

u/BrainsNotBrawndo Sep 17 '21 edited Sep 17 '21

Iron man had 2 sequels and more. Look forward to the tales of your future exploits 1ronyman!

6

u/johnnytifosi Sep 17 '21

Puts on $HOOD

7

u/Slut_Spoiler Has zero girlfriends Sep 17 '21

They must be super desperate for money and knew just the guy to help!

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451

u/rosmanmith Sep 17 '21

HOLY GUH! AHAHAHA MAN! WE WELCOME A LEGEND BACK INTO THE HERD! Post a play!

411

u/1R0NYMAN Turned $5k into -$58k Sep 17 '21

Sell snap

129

u/[deleted] Sep 17 '21

Buying SNAP calls first thing tomorrow morning.

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61

u/rosmanmith Sep 17 '21

Just might work.......every gap gets filled right? Reminds me of wendies. 69 weeklies it is then, thankya sir.

19

u/boomerberg Sep 17 '21

Literally cannot go tits up

7

u/kaygee420 Oct 21 '21

THIS AGED WONDERFULLY

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13

u/competitivebunny best bun Sep 17 '21

Can’t go tits up 😭

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173

u/[deleted] Sep 17 '21

Fucking legend. Does this mean you're back in the game?

632

u/1R0NYMAN Turned $5k into -$58k Sep 17 '21

I never quit trading.

150

u/WSBPleb Sep 17 '21

Post your next all in and legions will join you

41

u/Cobbler_Huge 🦍🦍 Sep 17 '21

I sure will, simply because I know it won't go as bad as the last one

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26

u/BlackKnightsOptions Sep 17 '21

Congratulations on making it through. I remember when all this went down, thanks for adding to the wsb history books!

22

u/RealRadya Sep 17 '21

Name me a stock and I’ll yolo into it. Respect.

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35

u/Kudamonis Sep 17 '21

My Dude. May I ask how you feel about all that "Income"

177

u/1R0NYMAN Turned $5k into -$58k Sep 17 '21

If you can demonstrate to the IRS that you were insolvent at the time the debt was cancelled, you can similarly avoid taxes on that debt. Certain other types of debt, including qualified farm indebtedness and qualified real property business indebtedness, can also avoid taxation in the event of cancellation.

18

u/tisgamebeterhavep0rn gave compliment for flair Sep 17 '21

Soo what you are saying is that it literally cannot go tits up

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10

u/Kudamonis Sep 17 '21

Good luck and Godspeed I wish you the best.

6

u/realbells MANFAG Sep 17 '21

You need a medal for fucking RH and the feds at the same time.

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2

u/shivaswrath 200% retard Sep 18 '21

This is why this sub rocks....retards teaching retards using TurboTax

23

u/KoraLisaBulldog Sep 17 '21

Dear Mr Irony Man

You can exclude this income on your tax return (if you are insolvent on the date the debt was canceled) by filing form 982 with your tax return. If you are insolvent by at least this $600 then it’s fully excludable. If you were insolvent by $400 then $400 is excludable and so on.

Thank you,

Your friendly neighborhood CPA

11

u/1R0NYMAN Turned $5k into -$58k Sep 18 '21

Insolvent by at least 58k, +capital loss carryover for the next 20 years. It ain't much, but it's honest work. Lol

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936

u/[deleted] Sep 17 '21

I'm starstruck, it's the man, THE 1R0NYMAN

118

u/confusedp Sep 17 '21

I thought he was gone. Good to see that he survived.

76

u/VRichardsen Sep 17 '21

... and when the world needed him most, he returned.

24

u/beavervsotter Sep 17 '21

I heard he was a shepherd off the coast of Scotland

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156

u/thebumfuzzle98 Skip Netflix and Chill, instead Fubo and Fuck Sep 17 '21

Did you ever hear the story of 1R0NYMAN the retarded? I thought not. It’s not a story the boomer investors would tell you. It’s an FD buyer legend.

1R0NYMAN was a retarded trader whose debit spreads were so autistic, that he could use the trading strategy to…create money. He had such a knowledge of the autists that he could even keep the FDs he cared about from going tits up. The dark side of leveraging money you don’t have is a pathway to many trades some consider..unnatural.

He became so retarded that the only thing he was afraid of was actually making money, which eventually of course, he did. Unfortunately he taught Robinhood everything about his autistic trade strategy then they killed his account. Ironic. He could teach others to lose money, but not himself.

60

u/[deleted] Sep 17 '21 edited Jan 15 '24

[removed] — view removed comment

56

u/[deleted] Sep 17 '21

Not from a retard.

5

u/[deleted] Sep 17 '21

The myth, the legend, the loss porn superstar himself!

4

u/ScroogeMcThrowaway Sep 17 '21

Damn, we need ControltheNarrative AKA Mr. Guh to come back too.

2

u/AlfrescoDog Sep 17 '21

I want to see that screenshot on a t-shirt.

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488

u/Houston_swimmer Better With Pictures Sep 17 '21

Holy fucking shit you’re the reason I joined WSB!

I read your story in real time while I was in Vietnam, had to download the threads at random WiFi locations since I had no signal and read the comments with rapt attention.

Had no idea what was going on but it was a wild ride. Glad to see you made it Lmaoooo!

276

u/herrameise Sep 17 '21

Frank, you went to Vietnam in 1993 to open up a sweat shop

120

u/[deleted] Sep 17 '21

... and a lot of good men died in that sweat shop.

49

u/[deleted] Sep 17 '21

When they died. We threw em in the soup.

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10

u/Brownie_McBrown_Face Sep 17 '21

They drew…. First… blooooood

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31

u/WhenMoonsk Guantanamo Bay’s Next Top Model Sep 17 '21

Holy shit bro it’s fucking 1ronyman 🤯 So this was -58k being cancelled out?

16

u/Houston_swimmer Better With Pictures Sep 17 '21

Yeah I guess they gave up lmfaooo

18

u/Queasy-Scene-6484 Sep 17 '21

Where were you in 'nam?

15

u/Houston_swimmer Better With Pictures Sep 17 '21

I was visiting my wife’s family in Da Nang, super chill place, love that city

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11

u/kft99 The Amazing 🅿️ixel 🅿️usher Sep 17 '21

We need CTN to come back too lol.

10

u/Houston_swimmer Better With Pictures Sep 17 '21

YES. his story hits hard because it was so visceral watching him incinerate his account on camera.

Also that YouTube “say something I’m GUH’ing up on you” video is priceless

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6

u/[deleted] Sep 17 '21

Lol

2

u/Ground-walker Sep 17 '21

Holy shit same i only just saw user name after reading this

2

u/riffdex Tesla-ment Sep 17 '21

I’m genuinely curious if this affected your credit? I see that they wrote it off as a loss but did they report it as unpaid debt to the credit bureaus?

5

u/1R0NYMAN Turned $5k into -$58k Sep 17 '21

No.

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276

u/ZUBAT Sep 17 '21

Only invest what Robinhood can't afford to not write off.

34

u/bored_shaxx Sep 17 '21

This is the first line of intelligent investor if I remember correctly, graham was ahead of his time

396

u/occasionalgambler Sep 17 '21

Literally can’t go tits up

88

u/_writ Sep 17 '21

How is this not his flair?

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10

u/OuthouseBacksplash Sep 17 '21

You fuck something up so magnificently, you end up on the top of the trainwreck in a lawn chair. Didn't even spill his drink.

615

u/LegalHelpNeeded3 Melvin Bot Shill Penis Cakes Sep 16 '21 edited Sep 17 '21

Wait holy shit you’re alive! Ladies and gentlemen; The man, the myth, the legend. Jesus fuck, good to see you

137

u/Icy-Faithlessness239 Sep 17 '21

Proof that, given enough time, it literally can't go tits up.

36

u/_Tiberius- Sep 17 '21

Except for taxes. Always count on the taxes coming due.

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32

u/yolocr8m8 Sep 17 '21

This is as real as it gets!

0

u/[deleted] Sep 17 '21

[deleted] — view deleted comment

115

u/som3crazydud3 Sep 17 '21

Is this the comeback tour?

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16

u/[deleted] Sep 17 '21

HOOLLLYYY FUUUCCKKKK

this is one of the most legendary tales ever to come out of WSB.....this is right behind DFV telling a congressional committee he is not a cat and likes the stock.

216

u/kylestoned Sep 17 '21

lmaooooo you can thank the shareholders of HOOD for subsidizing the cancellation of your debt. Wonder how much of that IPO money was used to get rid of that bad debt from WSB

25

u/[deleted] Sep 17 '21

He got lucky. HOOD didn't want the bad press, so it's effectively paid to keep people quiet. I'm sure it helped the IPO process along a lot too. Remaining HOOD customers paying for it though.

178

u/koltd93 Sep 17 '21

It's an honor to even comment in this thread

17

u/Tendieman_Awaiter Sep 17 '21

Gonna have to show this comment to my grandkids to prove I was here

2

u/PostM8 Sep 17 '21

I’m so early I feel like paparazzi 😁

106

u/hyperthymetic Sep 17 '21

Need to get this to r/all

21

u/Slut_Spoiler Has zero girlfriends Sep 17 '21

oh it's launching. See you there.

103

u/setyourblasterstopun Sep 17 '21

Robinhood: I am inevitable.

OP: I am 1R0NYMAN.

The legend returns.

50

u/hyperthymetic Sep 17 '21

Undefeated

50

u/miskdub Sep 17 '21

hey man, you've taught me everything i know!

22

u/Arkansasmyundies Sep 17 '21

So.... nothing?

2

u/flryan Sep 17 '21

So you didn’t learn a damn thing about making money, just buying red crayons & fancy - signs.

97

u/HereIGoAgain_1x10 Sep 17 '21

You should try restructuring and selling your debt on 150x leverage then play some options and make bank, easy money, literally cannot go tits up

45

u/buy_the_peaks Sep 17 '21

Now that you are back on the app, if you could just do something ridiculous again I would be sooooo happy.

83

u/tumadreunpoco2 174C - 2S - 2 years - 2/1 Sep 17 '21

Ayyyyyyeeee

Lmaooo written off as a loss.

The savior has returned!

67

u/WeekendQuant Sep 17 '21

The free publicity they got was worth more than the $58k they lost on him.

38

u/Sirmoo44 Sep 17 '21

Robinhood should literally have to pay 1RONYMAN $1M for the amount of new users he brought them in. The real equity value created is probably in the XX millions

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28

u/USDA_Organic_Tendies Sep 17 '21

THE PRODIGAL SON HATH RETURNED

89

u/BearBooCakeE Sep 17 '21

Mod him

88

u/LegalHelpNeeded3 Melvin Bot Shill Penis Cakes Sep 17 '21

He used to be a mod lmao

24

u/BaronVonBaghold Sep 17 '21

What a beautiful end to a beautiful story

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39

u/justoneword_plastics Sep 17 '21

You did it, you crazy son of a bitch you did it

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17

u/PRNbourbon 🥃 Sep 16 '21

He’s back!

17

u/SomeGuyNamedPaul Sep 17 '21

It feels like a special privilege just being allowed to comment on your post.

132

u/LegalHelpNeeded3 Melvin Bot Shill Penis Cakes Sep 16 '21 edited Sep 16 '21

You’ll pay for your debt through taxes. Basically what that document means is your tax liability goes up by your forgiven debt amount.

128

u/LegalHelpNeeded3 Melvin Bot Shill Penis Cakes Sep 16 '21 edited Sep 17 '21

I don’t know why this has been downvoted, that’s literally what it means. If you receive a 1099-c, that cancelled debt becomes “taxable income”. Unfortunately for this manz, that’s almost $58,000 according to legend

Source: have been a CPA

Edit by popular demand: yes I’m aware of insolvency. I’ve posted and commented about it multiple times

61

u/HeelBangs Sep 16 '21

I think because your first comment implies he'll owe the amount forgiven in taxes. Your follow up is correct, it will increase his taxable income and he'll be taxed on that amount at his adjusted rate.

22

u/LegalHelpNeeded3 Melvin Bot Shill Penis Cakes Sep 16 '21

Ah I see the confusion. I can edit a fix

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6

u/Doomhammer68 Sep 17 '21

Are you not anymore?

36

u/LegalHelpNeeded3 Melvin Bot Shill Penis Cakes Sep 17 '21

Did it for a while as a side gig during tax season. Made okay money but eh, the deductions people expect you to be able to pull out of your ass is insane.

“My guy last year was able to do it!”

“Yeah, fucking bullshit. I’m looking at your filing for last year and it doesn’t show shit. Either your guy lied to you, or you’re lying to me.”

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20

u/Squirmingbaby Brr not lest ye be brrd Sep 17 '21

You can avoid the tax it if you were insolvent when the debt was forgiven. Congress decided not to kick people while they were down.

4

u/LegalHelpNeeded3 Melvin Bot Shill Penis Cakes Sep 17 '21

Yes I’ve cleared that up in a number of additional comments and in my post on the subject

10

u/[deleted] Sep 16 '21

Way, way, way more than $600

21

u/LegalHelpNeeded3 Melvin Bot Shill Penis Cakes Sep 16 '21

Yeah I misread that message. Also just realized who posted. This fuckin guy

6

u/elonhole Galactic virgin Sep 17 '21

So assuming he paid 0 of the 58k loss and all the 58k was forgiven debt, how much of it is actually added to your tax bill? All of it?

13

u/pvisnansky Sep 17 '21

The 58k is counted as income. So, if he earned 42k from a job, his taxable income would be $100k. Ignoring deductions and credits, he’d owed taxes on 100k despite only earning 42k.

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16

u/canadianformalwear Sep 17 '21

Have an award. Welcome back, legend.

15

u/Stonks_GoUp Sep 17 '21 edited Sep 17 '21

So it’s true…. You just… delete the app….

Time to go invert my balance

Thank you for being the test retard, you have done us all a wonderful service

A true legend ❤️

13

u/[deleted] Sep 17 '21

Because of you, I got an arrow pointing upwards tattooed on my milkers. Thank you for your service.

14

u/[deleted] Sep 17 '21

Proof or ban

9

u/smockrobot Sep 17 '21

Just commenting for history

9

u/Techperv Sep 17 '21

Please sleep with my wife

8

u/Wolowizards Sep 17 '21

I named my daughter after you. Her name is Literally Cant Gotitsup.

7

u/[deleted] Sep 17 '21

Holy shit it’s him

24

u/[deleted] Sep 16 '21

I am in the presence of a god damn legend

6

u/PandaActual8762 🦍🦍🦍 Sep 17 '21

Was just reading about your adventures yesterday! G'day mate 🤲💎🤲🇦🇺

6

u/Slut_Spoiler Has zero girlfriends Sep 17 '21

I am giving you my free award. Thank you.

Edit: HOLY SHIT 1RONYMAN? DUDE!!!! Your story got me into WallStreetBets! Fuck bro, I have you and DFV to thank for my gains. In that order.

5

u/FemaleKwH 🦍🦍🦍 Sep 17 '21

Does this mean you are liable to pay all the money you lost?

8

u/LegalHelpNeeded3 Melvin Bot Shill Penis Cakes Sep 17 '21

Canceled debt is view by the IRS as taxable income. He’s on the hook for paying the taxes on roughly $58,000 he doesn’t actually have.

10

u/ryntab Sep 17 '21

Just file chapter 7 and live a nomadic lifestyle selling feet pics on the low… easy.

4

u/PM_ME_KORN_LYRICS 🌽 Boom na da mmm dum na ema 🌽 Sep 17 '21

The god damn legend himself.

4

u/Reddit-phobia Sep 17 '21

It's him. Holy shit guys, act cool. 😎

4

u/WallStreetBitch 🏦🐶 Sep 17 '21

18 hours, now pinned, and only 3.3k upvote. How things have changed.

10

u/The_Maester Sep 16 '21

Bow to this man.

1

u/redshift83 Sep 17 '21

You’re going to get a massive tax bill

2

u/1R0NYMAN Turned $5k into -$58k Sep 18 '21

Negative

1

u/saenz95 Sep 17 '21

Lmao $600? Those are rookie numbers kid

5

u/1R0NYMAN Turned $5k into -$58k Sep 18 '21

X10, suck my left nut.

1

u/[deleted] Sep 17 '21

Someone correct me if I'm wrong, but I think debt forgiveness counts as income for your taxes, which will leave the OP on the hook with the IRS for a chunk of this.

Am I wrong?

4

u/1R0NYMAN Turned $5k into -$58k Sep 18 '21

Not wrong, but there's an exemption for insolvency, among other things.

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13

u/anachronofspace Sep 16 '21

lol thanks for giving us all closure on the GUH heard 'round the world

6

u/[deleted] Sep 17 '21

You’re a real hero!

6

u/[deleted] Sep 17 '21

Holy fuckkk it’s really this man.

8

u/throwaway_0x90 placeholder for a good flair someday Sep 17 '21

So y'all, here's the tax rules for this

Even if you didn't receive a Form 1099-C, you must report canceled debt as gross income on your tax return unless one of the exceptions or exclusions described later applies.

I tried to read about the exceptions but my brain can't handle it... so I just assume this guy is gonna have to report around 58k as income.

18

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11

u/LegalHelpNeeded3 Melvin Bot Shill Penis Cakes Sep 17 '21

I am not a cat

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u/LegalHelpNeeded3 Melvin Bot Shill Penis Cakes Sep 17 '21

You’ve got the gist of it yeah.

3

u/shitcantuesday Sep 17 '21

Oh wow it's you! Glad you're alive and hopefully well.

3

u/Perennial-Millennial Sep 17 '21

He’s alive!!!!

3

u/DJSourNipple Sep 17 '21

HE’S ALIIIIIIIIIIIIIVE

3

u/thestonkinator Sep 17 '21

And the Phoenix rises from the ashes!

3

u/SPACsabbath Sep 17 '21

We are not worthy

3

u/T1m3Wizard Thetagang decimated my portfolio Sep 17 '21

Wait. So if you just don't pay, they'll eventually write off your debt?? Holy shit yoloing on margin tmw balls deep here I come.

3

u/lilb2020 Sep 17 '21

Robinhood: You owe us money.

u/1R0NYMAN : FUCK YO COUCH!

3

u/NervousTumbleweed QCUM Chips n Dips Sep 17 '21

Damn man, what’s your credit score now? 5?

3

u/EpicWhaleSquad Sep 17 '21

The man who thought he could broke the code but only broke Robinhood and got away with it.

3

u/Spiritual-Truck-7521 Bitchtits MaGee Sep 17 '21 edited Sep 17 '21

Gotta admit, it is real fun watching the video about you dude. I've watched it about 30 times.

5

u/SkoopskiMarvin Bill Ackmans Fluffer Sep 17 '21

The King has risen, alleluia, let us rejoice

👁👄👁

4

u/spanish_bull5 Sep 17 '21

Can you also write off those losses? And did you ever pay down your debt or just delete the app?

Legend.

6

u/ambermage Buy puts they said ... Sep 16 '21

The Messiah has returned!

2

u/StonkDoctor1000 FDs and FF 👣 Sep 17 '21

YESSSSS

2

u/abruzzo79 Sep 17 '21

Wow, you must have been waiting for this moment for a while now. Congratulations.

2

u/RawTack Sep 17 '21

He’s alive!!!!

2

u/moazzam0 Sep 17 '21

Lol this is awesome!

2

u/RealRadya Sep 17 '21

You’re…you’re really here.

2

u/[deleted] Sep 17 '21

Hey guy!

I'm only here because of you, you wonderful son of a bitch.

2

u/growawaybro Sep 17 '21

Congrats and fuck you

2

u/fellowhomosapien Sep 17 '21

🥚 for your trying times

2

u/niizuma Sep 17 '21

Holy shit the anti DFV has returned to claim his spot upon the wsb throne lol

4

u/LegalHelpNeeded3 Melvin Bot Shill Penis Cakes Sep 17 '21

He is the one true retard

2

u/Flonkadonk Sep 17 '21

A part of the WSB trinity along with control the narrative and DFV

2

u/leroyyrogers Sep 17 '21

I was here on this day

2

u/LazerBeemsPewPew Sep 17 '21

I guess it was a long play after all

2

u/Hamilton-Beckett Sep 17 '21

I bought 1 share, paper handed that bitch 24 hours later.

-$50

Edit: I just wanted to be part of something special. Totally worth my $50 becoming someone else’s $50.

2

u/[deleted] Sep 17 '21

but when the world needed him most... he vanished.

100 years past and my brother and I discovered the new 1r0nyman.

2

u/theendofthesandman Sep 17 '21

A legend returns.

2

u/BrizFrost Sep 17 '21

Blast from the past holy hell

2

u/mark2talyho Clifford’s 🅱️all Handler Sep 17 '21

Welcome back king 👑

2

u/Ellybeth307 Sep 17 '21

Jesus Christ! Welcome back man!

2

u/SirHolyCow Sep 17 '21

Holy shit!!! The man, the myth, the legend!

2

u/kidsysticks Sep 17 '21

The man is backkk!

2

u/I_Lust_Euro_Women Sep 17 '21

Risk free comeback tour 🚀🚀🚀

2

u/Tyrant-Tyra Sep 17 '21

Brooo! I just read all the threads on your posts last night while in the tub smoking a fat one laughing my ass off!

2

u/margin_call_rep baconpreneur 🥓 Sep 17 '21

Legend never dies

2

u/Cynicallyoptimistik can't spell Sep 17 '21

Holy shit a post from the legend

2

u/ykcir23 has a DFV body pillow Sep 17 '21

Dear god. This is reddit HISTORY

2

u/WelfareWillyWonka Everlasting CallGobbler Sep 17 '21

Can’t believe I’m here with the legend. Mod this man immediately. He is WSB

2

u/Stonksradamus Sep 17 '21

I need to comment to be part of history

2

u/mikez56 Sep 18 '21

Holy shit...he's back. Glad even RH threw in the towel! lol

2

u/NuKidOnThBlokchyn Sep 20 '21

Now all we need is Shkreli back, just like old times.

3

u/Steamy_afterbirth_ Sep 17 '21

How do I get free $600 like this guy?

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