I don’t think many readers here (non-Americans and some Americans) have ever had a CPA help them file taxes (I have).
There are many ways under the current U.S. tax code to “carry a loss” forward. I’ll just leave it at that. I’ve had “losses” carried into the future (but not to the extent of any rich-rich person). Just my 
2 Likes
The NYT basically already wrote this in 2016. Getting desperate I see.
2 Likes
ha ha. So, just a copy/paste and resend it.
1 Like
They need to throw a curveball before the debates. Predictable.
2 Likes
There’s still about 30 hours or so to come down with some excuse by the Biden camp. If debate goes on, it’ll be interesting whether 
-man ever mentions the word “cognitive”. Best strategy would be to just let Biden dig his own verbal pit.
1 Like
Those dang S corporations. So very useful for a lot of people, such as…
Again, if it’s in the U.S. legal tax code, I have no qualms with anyone using it, whether Biden or Trump. Good for them. The Congress is the one who cannot set up a decent tax code for people, rich or poor.
3 Likes
What are you basing this on other than your inability to see facts due to your undying love for a wannabe dictator?
1 Like
Or it could be true. The article is very detailed and Trump has now switched from the tactic of calling it fake news to avoiding questions. How are you so sure it’s fake news?
1 Like
Stupid questions are a waste of time. Avoiding a waste of time makes every bit as much sense as using depreciation to cut one’s tax bill. In other words, perfect sense to anyone who’s not an idiot.
1 Like
Did I say it wasn’t true?
Trump himself has admitted he paid very little tax because “that’s makes him smart”. He has also said he is being audited over and over again. So nothing new to see that’s it’s true.
I have a problem with how it’s being presented. To someone who doesn’t understand finance, real estate isn’t my specialty but I know enough, painting things like his 300m debt as some huge liability of him being president is with intent. I know what they’re doing, the average person will think it’s as they say.
It’s a hit piece, right before the debate.
Just because his businesses are showing a loss; doesn’t mean they’re bleeding cash. He obviously has some great accountants to where he can report 47 in losses in a year he made 400million+. I can’t see that loan officers are that stupid to just give him loans based on nothing. I’ve mentioned huge cash flows in some of his properties.
Not to mention he did pay taxes, overpaid in fact and had it carry over.
There’s literally nothing all that interesting here. Please don’t get fooled by this. They wrote the exact same article in 2016 and it’s failed that time too.
At a certain level, you make more money reducing your tax liabilities for the super wealthy and that’s what they spend big bucks on.
I’m starting a business myself now, and a lot of my time is figuring out how to be most tax efficient through with company formation that will work for me and how best to write off expenses. He’s obviously doing it at another level, but none of it really shocks me. Don’t hate the player, hate the game. Most people don’t get this because they’ve been a employee their entire life.
3 Likes
He says it’s 'fake news ’ though .
He won’t actually say how much tax he’s paid but it’s clear he paid almost no tax for many years.
Also if he’s so rich how come his companies are claiming so many losses?
.
Why can’t he be honest to the American people and stop attacking the free media ?
He’s also continually criticising all arms of the government, from the IRS to the FBI to the Postal Service…They all have it out for him. So ridiculous.
Bring back Benjamin Franklin.
Chuckie Cheato did in fact pay some taxes according to Snopes:
In the first quarter of 2017, for example, President Trump donated $78,333 (his $100,000 salary for that quarter, after taxes) to the Department of the Interior, specifically for the National Park Service’s maintenance of an historic Civil War site. His contribution was put towards two projects at Antietam National
Ok, fair enough. Hit jobs aren’t usually factual pieces, that’s where I lost you. So you’re saying the NYT reporting is true, but Trump is smart for doing that. Being able to find loopholes to avoid paying taxes is what multi millionaires should do? Trump is playing 3D chess again?
I can’t speak to which aspect of it is fake. Maybe it’s the fact that he did pay taxes and overpaid and had it carry over those years.
I’ve explained it many times. Non monetary losses in real estate aren’t uncommon. To put it simply, if he had 10 dollars in revenue but wrote this his expenses was 8 dollars and something lost value of another 10. He will show on the taxes he lost 8 dollars. But those are non monetary losses. It’s part of the reason business owners and real estate is so damn profitable.
1 Like
I’m assuming parts of it is true, idk if they left things out. But I’m saying it’s a misinterpretation of what’s going on. They wanted to make him look bad, they already wrote the same article before in 2016.
It’s what everyone should do. It’s not loopholes, it’s called knowing the tax code. Something I do myself. Half of my rent will be written off as expenses this year since I use it for storage and work. What’s the issue?
I don’t know why you think we don’t how rolling losses forward works. However he should be honest and either say…
My companies have made massive losses at times…Some of them are still losing money hich allows me to write off my taxes.
Or …I haven’t paid much tax in years.
Instead what he is saying is some bullshit about IRS, audits and worse of all its ‘fake news’’. It’s not fake news. It’s real news.
Stop lying all the time!
What does it matter either way?
Policies matter, not his taxes.
1 Like
It matters otherwise there wouldn’t be any interest in it and the IRS wouldn’t be investigating him.
Taxes always matter. Death and taxes. How do you think America started on its road to be a republic ?
If rich people like Trump don’t pay tax.it means the burden is switched to less rich people.