Looks like our businessman
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Lemme guess.NorthwestFresh said:
I don’t think they actually saw the returns, just a summary.thechatch said:I’m still trying to figure out how the NYT was able to legally get its hands on the returns....
Anonymous source? -
This is certainly true. Along with this, the regular left wing w2 wagers think that Trump must get a plain old w2 every year for his businesses.WestlinnDuck said:What I said. Plus, if you "sell" your building you can do a delayed tax-free exchange and sell it tax-free.
@JamesGRickards
I have a graduate law degree in taxation, was tax counsel to world's largest bank. So, maybe I know more about taxes than the NYTimes. In real estate, gains are deferred until you sell the building. Expenses are current, (depreciation, interest, fees). So, tax losses are normal.
https://tinyurl.com/y5eyhqho
Pretty easy to run cash flow positive or neutral on a rental property and still claim a loss at tax time. I do it, not illegal, immoral or difficult. It can even under the right circumstances make financial sense to run a cash flow negative property, provided the market doesn’t tank and you don’t need the cash flow to keep the lights on.
Yet from a balance sheet perspective you are getting richer as negative cash flow still pays down the principle and the gross value goes up.
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Yes, I'd like to know what you're alluding to. I own an S corp and generate roughly $4,000,000 in taxes for the states and federal governments. I'd say my personal, effective tax rate is about 35%. I'd have to have a lot of losses in order to get that down to almost 0. Then again, I'm not into all the real estate transactions, multiple businesses etc. someone like Trump is into.doogie said:Feel free to provide anything you’re hiding relevant to the Story, gator
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Then you refinance your appreciated building and go buy a another one with a non-recourse mortgage. If the real estate market continues to go up, you win. If it goes down, you lose the equity in your building and go file for bankruptcy of the LLC that owns the building (or casino) and walk away with the bank taking its own hit.Bob_C said:
This is certainly true. Along with this, the regular left wing w2 wagers think that Trump must get a plain old w2 every year for his businesses.WestlinnDuck said:What I said. Plus, if you "sell" your building you can do a delayed tax-free exchange and sell it tax-free.
@JamesGRickards
I have a graduate law degree in taxation, was tax counsel to world's largest bank. So, maybe I know more about taxes than the NYTimes. In real estate, gains are deferred until you sell the building. Expenses are current, (depreciation, interest, fees). So, tax losses are normal.
https://tinyurl.com/y5eyhqho
Pretty easy to run cash flow positive or neutral on a rental property and still claim a loss at tax time. I do it, not illegal, immoral or difficult. It can even under the right circumstances make financial sense to run a cash flow negative property, provided the market doesn’t tank and you don’t need the cash flow to keep the lights on.
Yet from a balance sheet perspective you are getting richer as negative cash flow still pays down the principle and the gross value goes up. -
Could this story implode any faster?
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Keep in mind that AOC is all in on taxing unrealized capital gains. That's the level of genius at work here
Taxing what you actually realize isn't good enough.
Of course idiots like that are clueless and easy marks for this bullshit -
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HHusky said:
This isn’t about how much a guy who runs several businesses very poorly pays in taxes, Ivan. Looks like Daddy needs to fleece some more sheep before the loans all come due.NorthwestFresh said:Uh according to the article he paid plenty in taxes. Got him this tim!
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Now This is funny. @insinceredawg @HHusky @HustlinOwl
An accountants guide to why you are a gullible moron
https://monsterhunternation.com/2020/09/28/no-you-idiots-thats-not-how-taxes-work-an-accountants-guide-to-why-you-are-a-gullible-moron/?fbclid=IwAR0QvP8i5fcrL4ulGEcxA2upkyuAaENfCkMcP2IAGGWHRdsjRw4lr6bkThk
