Donald’s taxes

[TommyCracker]

If he loses he'll probably pardon himself the night before the inauguration. Or resign for an hour and let Mike do it so that no one can argue its legality.

That's been my prediction all summer.

1. Claim he was cheated and resign in faux disgust.

2. Pence then hands out pardons like a beauty queen passing out candy during a parade.

3. Move over to OANN and become its face. Trump TV is something I didn't consider but the move is in the same vein.

 

[mcmurtry66]

That's been my prediction all summer.

1. Claim he was cheated and resign in faux disgust.

2. Pence then hands out pardons like a beauty queen passing out candy during a parade.

3. Move over to OANN and become its face. Trump TV is something I didn't consider but the move is in the same vein.

Pardon what tho? Wouldn’t charges come long after january.

 

[TommyCracker]

Pardon what tho? Wouldn’t charges come long after january.

Can a presidential pardon nullify all cases made against them...or any cases relative to what is outlined in the pardon?

I look at it as a get of jail free card which allows Trump and his cohorts to take on much more risk because they have the pardon option as a last defense.

Is that not how it works?

 

[mcmurtry66]

Can a presidential pardon nullify all cases made against them...or any cases relative to what is outlined in the pardon?

I look at it as a get of jail free card which allows Trump and his cohorts to take on much more risk because they have the pardon option as a last defense.

Is that not how it works?

No idea. I would think you’d actually have to pardon a charged crime

 

[CO. Hoosier]

Oh, I am sure of that. By that same token, there is no rule that the client must like his/her attorney.

I’ve got some great war stories about this.

 

[mcmurtry66]

I’ve got some great war stories about this.

Lawyer advertising. The downfall of the lawyer/client relationship

 

[freeboardescapee]

No idea. I would think you’d actually have to pardon a charged crime

The pardon power extends to conduct that has occurred at the time of the pardon, even if no charges have been filed. The Presidential pardon power only extends to federal crimes. It does not apply to state prosecutions such as the New York criminal proceeding that is underway.

 

[Stuffshot]

The story isn't really Trump's actual tax payments, nor the intricacies of federal tax law.

It's just a further confirmation Trump is a lifelong failure at operating any kind of real business.. other than a self- promotion business,

and has only been able to leverage into his fake persona via 1) initially his inheritance, which was fully blown..... then 2) a financial comeback being a reality TV personality.

Deutsche Bank Wealth Mgmt unit will likely end up being the final bag holder for Don's long- con. But Deutsche has made so many billions laundering money for Russian oligarchs, they likely just look at it as a business expense. Deutsche's commercial banking operation long ago quit loaning money to Don the Con...... after he continued his lifelong trend of defaulting on loans.... but the Private Wealth Mgmt business stepped in and provided his most recent lifeline, a year or two prior to running for President.

Eventually the long con will end. Too bad that we all had to end up a victim of it too.

Sounds like Trump has been using "capital loss carryover," but the news stories say he didn't pay any taxes for 10 of 15 years and only $750 for two years in that timeframe.

However, capital loss carryover only permits a taxpayer to use only $3,000 of losses to offset $3,000 in income in a given tax year.

Capital Loss Carryover Definition

Capital loss carryover is the amount of capital losses a person or business can take into future tax years.

www.investopedia.com

.

Although a loss greater than $3,000 can apparently be carried forward indefinitely to future years, I had trouble imagining a scenario
In which a high profile taxpayer making even a modest, middle class income could reduce his tax burden to zero or $750 so many years in a row, unless he was just barely breaking even all those years.

Here's my question: is there a way to leverage capital loss carryover to more than $3,000 per year? Or, if you can tell, what are the most likely things Trump is probably doing to generate the sort of tax returns that are being reported?

 

[TommyCracker]

Sounds like Trump has been using "capital loss carryover," but the news stories say he didn't pay any taxes for 10 of 15 years and only $750 for two years in that timeframe.

However, capital loss carryover only permits a taxpayer to use only $3,000 of losses to offset $3,000 in income in a given tax year.

Capital Loss Carryover Definition

Capital loss carryover is the amount of capital losses a person or business can take into future tax years.

www.investopedia.com

.

Although a loss greater than $3,000 can apparently be carried forward indefinitely to future years, I had trouble imagining a scenario
In which a high profile taxpayer making even a modest, middle class income could reduce his tax burden to zero or $750 so many years in a row, unless he was just barely breaking even all those years.

Here's my question: is there a way to leverage capital loss carryover to more than $3,000 per year? Or, if you can tell, what are the most likely things Trump is probably doing to generate the sort of tax returns that are being reported?

Daytraders used to be able to select a 'mark to market' accounting method that allowed them to claim all of their losses.

I don't know if that's still the case.

 

[twenty02]

Sounds like Trump has been using "capital loss carryover," but the news stories say he didn't pay any taxes for 10 of 15 years and only $750 for two years in that timeframe.

However, capital loss carryover only permits a taxpayer to use only $3,000 of losses to offset $3,000 in income in a given tax year.

Capital Loss Carryover Definition

Capital loss carryover is the amount of capital losses a person or business can take into future tax years.

www.investopedia.com

.

Although a loss greater than $3,000 can apparently be carried forward indefinitely to future years, I had trouble imagining a scenario
In which a high profile taxpayer making even a modest, middle class income could reduce his tax burden to zero or $750 so many years in a row, unless he was just barely breaking even all those years.

Here's my question: is there a way to leverage capital loss carryover to more than $3,000 per year? Or, if you can tell, what are the most likely things Trump is probably doing to generate the sort of tax returns that are being reported?

No, he's got losses in total net from his LLCs/pass though entities...... so he has no income being reported. He doesn't have a middle class income, he's got negative income.... he actually is losing money each year.

The $3k limit you are referring to is you have capital losses to offset some of your income. But he ain't got no income.

 

[Stuffshot]

If he loses Trump TV is definitely coming soon. Especially with FNC now moving left. O'reilly will be his first hire. Others will line up. Probably make a billion plus easily.

Trump is already 74. Fortunately for him, there are at least two aging role models he can follow though he may not be as coherent as either of these two:

 

[dbmhoosier]

That's been my prediction all summer.

1. Claim he was cheated and resign in faux disgust.

2. Pence then hands out pardons like a beauty queen passing out candy during a parade.

3. Move over to OANN and become its face. Trump TV is something I didn't consider but the move is in the same vein.

I seriously wondering if Joe Exotic will get a pardon.

 

[82hoosier]

It's going to be interesting to see who the 75 million dollars of Consulting fees went to and to whom the four hundred and some million dollars of that personally guaranteed by Donald Trump is owed.

How much of that money is related to loans from Eastern Europeans and Saudis? American financial institution haven't lent him any money in decades

 

[82hoosier]

Trump is already 74. Fortunately for him, there are at least two aging role models he can follow though he may not be as coherent as either of these two:

I would go with Tony Soprano's mother in The Sopranos.

 

[UncleMark]

Move over to OANN and become its face. Trump TV is something I didn't consider but the move is in the same vein.

OANN would become Trump TV. Trump has to have his name on everything, it's his only real asset, and he can assign whatever value to it he likes (high or low) depending on his needs at the time.

 

[jet812]

LOL. Amazon paid no taxes last year. Any of us would like to be that kind of failure.

Amazon, or Jeff Bezos?

 

[zeke4ahs]

My favorite tax joke so far: At this point, Trump can’t even afford to own the libs.

 

[hoot1]

It isn’t possible to determine personal net worth from an individual tax return.

Great question.

When real estate was an important part of my net worth I always objected to lenders who wanted my tax returns.

 

[sglowrider]

If he loses Trump TV is definitely coming soon. Especially with FNC now moving left. O'reilly will be his first hire. Others will line up. Probably make a billion plus easily.

Or he could spend all his time tweeting from jail? Wouldn't those be the best tweets EVER?

 

[mcmurtry66]

Or he could spend all his time tweeting from jail? Wouldn't those be the best tweets EVER?

He and the fam would be like arrested development.

 

[The Vid]

I’ve got some great war stories about this.

I believe that considering how much you lie.

 

[Spartans9312]

The question that needs answered is "why do both parties fight tax simplification"?

 

[Bill4411]

Michael Bloomberg warned us in 2016 about Trump but we didn't listen:

 

[dbmhoosier]

Michael Bloomberg warned us in 2016 about Trump but we didn't listen:

View embedded media

The Simpsons did it 20 years ago.

 

[Bill4411]

This is who Trump owes:



To be honest 400 million is not that much money if you own a lot of valuable real estate presuming it is free and clear otherwise.

 

[Spartans9312]

Michael Bloomberg warned us in 2016 about Trump but we didn't listen:

View embedded media

Especially when he has members of both parties that have no qualms about spending money they don't have

 

[twenty02]

LOL. Amazon paid no taxes last year. Any of us would like to be that kind of failure.

Not the least bit relevant, in a myriad of ways.

 

[UncleMark]

Not the least bit relevant, in a myriad of ways.

Which is exactly his point.

 

[Stuffshot]

OANN would become Trump TV. Trump has to have his name on everything, it's his only real asset, and he can assign whatever value to it he likes (high or low) depending on his needs at the time.

Here's another possibility:

Founder Christopher Ruddy is said to be a good friend of Trump's. Newsmax's programming already features a lot of programs on Hitler and the original Nazis and a couple shows hosted by former Trump administration people. It's like a wannabe Fox News channel.

 

[CO. Hoosier]

Not the least bit relevant, in a myriad of ways.

Lol. I was following the stupidity of goat’s post where he said paying no taxes is evidence of business failure; he summed up with “The reason he doesn't pay taxes is because he's a failure, plain and simple.” You are one who “liked” that nonsense.

 

[dbmhoosier]

Yes, Donald Trump Is Still A Billionaire. That Makes His $750 Tax Payment Even More Scandalous

The bombshell New York Times report raises new questions about the president’s finances. One thing not in doubt: He remains very rich.

www.forbes.com

 

[Marvin the Martian]

Lol. I was following the stupidity of goat’s post where he said paying no taxes is evidence of business failure; he summed up with “The reason he doesn't pay taxes is because he's a failure, plain and simple.” You are one who “liked” that nonsense.

Can we read anything into a person personally guaranteeing a business loan? It seems crazy to this observer since it eliminates the self protection of a corp.

 

[CO. Hoosier]

Can we read anything into a person personally guaranteeing a business loan? It seems crazy to this observer since it eliminates the self protection of a corp.

Pretty normal in my experience. One of the privileges of being in business for yourself. Been there and done that.

 

[IUclover]

Meanwhile, stopped by Hannity who is focusing on “alleged” voter fraud brought to by Project Ver-whatever with James O’Queef as a guest.

 

[Sope Creek]

Can we read anything into a person personally guaranteeing a business loan? It seems crazy to this observer since it eliminates the self protection of a corp.

Yeah, I think it means that the lenders don't trust the business model or the collateral assets offered as security for the loan, perhaps because the main driving force behind the business treats the business as his alter-ego. They don't want to have to do the dance of which company owns how much of which asset . . . they just want hold the main guy by his short hairs.

They probably have observed Trump's prior defaults and how he wiggled out of responsibility for those . . . and don't want anything to do with such foolishness.

 

[Marvin the Martian]

Pretty normal in my experience. One of the privileges of being in business for yourself. Been there and done that.

Interesting. I always heard the big advantage to various corps is that they cannot come for your personal money if the Corp goes belly up. Doing this seems to totally defeat that advantage.

 

[sglowrider]

 

[twenty02]

Lol. I was following the stupidity of goat’s post where he said paying no taxes is evidence of business failure; he summed up with “The reason he doesn't pay taxes is because he's a failure, plain and simple.” You are one who “liked” that nonsense.

You are comparing an individual tax return of a real estate developer with a closely held business to a corporate tax liability for a publicly traded technology company.

That's apples and coconuts.

 

[ribbont]

Especially when he has members of both parties that have no qualms about spending money they don't have

And both parties spend our money they don't have. See national debt.

 

[CO. Hoosier]

Interesting. I always heard the big advantage to various corps is that they cannot come for your personal money if the Corp goes belly up. Doing this seems to totally defeat that advantage.

The corporate entity shields the shareholders from claims of general unsecured creditors and from tort claims. Banks routinely get personal guarantees from controlling shareholders in most all small business loans. In the real estate development business personal guarantees are also common because the collateral is in the process of being developed. But there are a lot of moving parts and variables in those deals, especially with construction loans.