House Dems about to ask for Trump tax returns

#227
#227
Weezer said:
Do you believe there are members of government getting kickbacks? I do. Whether or not they're illegal, I don't know. But maybe we need to start investigating that more. Maybe we really do need to investigate corruption more. These people supposedly work for us, the constituents. If we're going to cry over tax returns and weaponize all this for political purposes, maybe we should just go all the way and investigate every single one of them. If the purpose is to look for dirt, let's look for dirt. But it shouldn't just be one person subjected to this. Put them all under the microscope.
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I agree with the last sentiment. I just figure if they're lying on their financial disclosures they're also lying on their tax returns so seeing the returns ain't gonna tell us much.
 
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#231
#231
McDad said:
@Hunerwadel, or anyone interested.
I have a duplex. I bought it for 45k. The city tax appraisal is 100k. Comp value with similar properties is 120k. The revenue-based valuation is 130k.
Which one do i put on my income tax?
Which one is accurate?
Which one does a bank use when considering me for a loan?
Which one do i tell to my extended family?
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You don't have to put anything about it on your income tax unless you sold it for a gain or loss and of course any interest you may claim. The City will appraise your taxes and if you disagree you can file an appeal. If you claim the value is 30,000 less because of whatever reason that's fine and you may get reassessed and save money. But if they audit you you may have to prove your claim.

As far as the bank is concerned you can claim any value that you believe is correct. It is up to them to assess what they can loan for a given property. But if you can have a problem if you knowingly make a false claim or falsify documents in order to borrow more than the property is worth. For example if you intend to buy a property and claim it has 50 rental units that will generate income to help secure the loan and there are actually only 30 you may find you have committed bank fraud.
 
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#233
#233
volinbham said:
I agree with the last sentiment. I just figure if they're lying on their financial disclosures they're also lying on their tax returns so seeing the returns ain't gonna tell us much.
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Honestly, I just get tired of all the partisan BS. Both sides attacking each other constantly, doing very little of what they should actually be doing.
 
#234
#234
Hunerwadel said:
You don't have to put anything about it on your income tax unless you sold it for a gain or loss and of course any interest you may claim. The City will appraise your taxes and if you disagree you can file an appeal. If you claim the value is 30,000 less because of whatever reason that's fine and you may get reassessed and save money. But if they audit you you may have to prove your claim.

As far as the bank is concerned you can claim any value that you believe is correct. It is up to them to assess what they can loan for a given property. But if you can have a problem if you knowingly make a false claim or falsify documents in order to borrow more than the property is worth. For example if you intend to buy a property and claim it has 50 rental units that will generate income to help secure the loan and there are actually only 30 you may find you have committed bank fraud.
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And your crazy scenario would show up in tax returns how? Also the scenario in no way mirrors what's been alleged about Trump...yet (I can only guess that will be next).
 
#236
#236
This thread:

Everybody who supported trump breaking all the norms complaining about the bad precedent of pulling Trump’s tax returns

vs.

Everybody who hated trump breaking all norms supporting congress pulling Trump’s taxes, even if it sets a bad precedent.

That about right?
 
#237
#237
Weezer said:
Honestly, I just get tired of all the partisan BS. Both sides attacking each other constantly, doing very little of what they should actually be doing.
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agree 100% - mostly my point all along with the "criminalization" of politics. It's completely dysfunctional and frightening that people condone it if it helps the team.
 
#240
#240
RockyTop85 said:
This thread:

Everybody who supported trump breaking all the norms complaining about the bad precedent of pulling Trump’s tax returns

vs.

Everybody who hated trump breaking all norms supporting congress pulling Trump’s taxes, even if it sets a bad precedent.

That about right?
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I didn't support Trump and consider him to be a crap POTUS but still I'm complaining about the bad precedent and those who think it's justified because it helps the team. Add a 3rd category.
 
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#241
#241
Hunerwadel said:
You don't have to put anything about it on your income tax unless you sold it for a gain or loss and of course any interest you may claim. The City will appraise your taxes and if you disagree you can file an appeal. If you claim the value is 30,000 less because of whatever reason that's fine and you may get reassessed and save money. But if they audit you you may have to prove your claim.

As far as the bank is concerned you can claim any value that you believe is correct. It is up to them to assess what they can loan for a given property. But if you can have a problem if you knowingly make a false claim or falsify documents in order to borrow more than the property is worth. For example if you intend to buy a property and claim it has 50 rental units that will generate income to help secure the loan and there are actually only 30 you may find you have committed bank fraud.
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Good synopsis, hw.

You understand more than i thought. So, you believe DJT lied about proceeds from sale (which has an easy paper trail) or fraudulently misrepresented his property value to banks (which isn't on tax returns), correct?
 
#242
#242
Burger said:
I wonder if they do get them, who will interpret them? His tax returns would be out of my league.
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AOC, of course. She's operating on a higher plane above the code, regs, rulings and case law. She will explain...like....you know...like... all that we need to know.
 
#243
#243
RockyTop85 said:
This thread:

Everybody who supported trump breaking all the norms complaining about the bad precedent of pulling Trump’s tax returns

vs.

Everybody who hated trump breaking all norms supporting congress pulling Trump’s taxes, even if it sets a bad precedent.

That about right?
Click to expand...
No.
I misspelled words. Luther rage quit the thread. Burger is da man. Weezer wouldnt trust his own mother if she was a politician.
This thread is chock full of fun.
 
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#249
#249
McDad said:
Good synopsis, hw.

You understand more than i thought. So, you believe DJT lied about proceeds from sale (which has an easy paper trail) or fraudulently misrepresented his property value to banks (which isn't on tax returns), correct?
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I can't say for sure what the committee is looking for. But they have a lot more information than we do since so much has been behind closed doors.

His attorney has testified and provided documentation that Trump inflated and deflated his property values and personal wealth. Granted you and I don't know why but Cohen probably told the committee more in closed testimony. They have already subpoenaed his financial records and are going after his tax returns. It's true that all of his financial records won't be in his tax returns. But if the committee has both they can compare them. If he inflated his property values to acquire loans then deflated the same property to pay taxes he may have committed two crimes on just one property. We're talking about someone who owns or has interest in hundreds or more high end properties. Cohen has provided evidence that he has manipulated the values of at least some of them. (When speaking of Trump we're talking about his entire organization including family)

I wouldn't be surprised to find that the SDNY may be a step or two ahead of the committee.
 
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