House Dems about to ask for Trump tax returns

#151
#151
volinbham said:
I'm not a tax expert but I'll take a shot: Federally if the values were deflated when reporting a sale it might lower tax liability.

If this were the case it is a matter for the IRS (they have the filings). Clearly they can look at transaction data and see what actual values were and compare to the filings.

Any of the yahoos cheering this on who won't admit that it is politically motivated are bigger hacks than we even imagined. The Congress is not the investigatory force to get to the bottom of these situations. Plenty of LE agencies have expertise staggeringly beyond some House committees and for some reason they haven't found these "crimes". It's pure BS use of "oversight" to attempt to harm an opposition candidate. All should be against it.
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If Trump has lied on his capital gains on the sale of property, that is indeed fraud.
However, and correct me if wrong, are those clamoring for investigation claiming he lied about capital gains or simply "lied" about the value of held property (aka fluctuating value)?
 
#154
#154
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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Anyone wanna take a stab at my 4 questions?
 
#155
#155
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?
Click to expand...

Income tax? City tax appraisal since that's what you paid in property taxes and presumably are deducting if you haven't hit your new SALT limit (and you still own the property)

Accurate? All are accurate

Bank use for loan? Comp or revenue valuation depending on type of loan.

Extended family? purchase price less depreciation. I'm thinking either total loss or 5K
 
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#158
#158
volinbham said:
Income tax? City tax appraisal since that's what you paid in property taxes and presumably are deducting if you haven't hit your new SALT limit (and you still own the property)

Accurate? All are accurate

Bank use for loan? Comp or revenue valuation depending on type of loan.

Extended family? purchase price less depreciation. I'm thinking either total loss or 5K
Click to expand...
Very astute, bham. Except q1...my property value does not appear on any schedule on my income taxes. Depreciation, capital improvements, rents received, insurance and prop taxes deducted DO appear on my income taxes.
 
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#159
#159
luthervol said:
Nope, but I would be thrilled if that were the case. And by the way, that's the most idiotic and ignorant thing you've said.
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you prove it every time you suggest it's okay to set aside principle and law to get someone you've deemed so bad that it merits exceptions.

you prove it every time you advocate the majority determining what is allowable behavior.

you prove it every time you advocate ceding more redistributive power to government.

in your defense maybe you don't understand the term.
 
#161
#161
McDad said:
Very astute, bham. Except q1...my property value does not appear on any schedule on my income taxes. Depreciation, capital improvements, rents received, insurance and prop taxes deducted DO appear on my income taxes.
Click to expand...


Good point. It would appear if the property was sold and a gain or loss was claimed (I assuming though perhaps only the gain/loss is reported?)
 
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#162
#162
Maybe the President's finances should be scrutinized. Maybe the finances of every member of Congress should be scrutinized. These people supposedly work for us. Maybe we should see where they all get their money so we know if they're abusing their power to get rich. People post memes about politicians that become millionaires. Maybe we should be looking into that.
 
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#164
#164
volinbham said:
I'm not a tax expert but I'll take a shot: Federally if the values were deflated when reporting a sale it might lower tax liability.

If this were the case it is a matter for the IRS (they have the filings). Clearly they can look at transaction data and see what actual values were and compare to the filings.

Any of the yahoos cheering this on who won't admit that it is politically motivated are bigger hacks than we even imagined. The Congress is not the investigatory force to get to the bottom of these situations. Plenty of LE agencies have expertise staggeringly beyond some House committees and for some reason they haven't found these "crimes". It's pure BS use of "oversight" to attempt to harm an opposition candidate. All should be against it.
Click to expand...
lol...all should be for it. Letting him off the hook is pure BS.
He promised to release his returns. If he does, then that's one promise he can claim to have kept. Isn't that a good thing?
Why would he promise to release the returns when he evidently had no intention of doing so?
Anyone who says otherwise should just own up to being a redhatted minion.
 
#165
#165
luthervol said:
The left is not really even digging on this one. They are asking for something that Trump promised the American people multiple times he would provide and every president in the past 40 years has willingly provided.
Trump is the one making himself look guilty. Maybe it's all just part of his ingenious troll game that his redhatted minions so dearly love.
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Then all he had to do is say .. I’ve changed my mind since you are going to make such a big deal out of it . Then what ?
 
#166
#166
volinbham said:
Good point. It would appear if the property was sold and a gain or loss was claimed (I assuming though perhaps only the gain/loss is reported?)
Click to expand...
Correct again. Now here's where it gets fun.

I can loose 50k in one year on a property sold (prop A) and make 50k the next year on the sale of a different property (prop B). Because the loss carries forward, i offset my cap gains.

So, did i make 50k on the sale of prop B or did i make zero?
 
#167
#167
luthervol said:
lol...all should be for it. Letting him off the hook is pure BS.
He promised to release his returns. If he does, then that's one promise he can claim to have kept. Isn't that a good thing?
Why would he promise to release the returns when he evidently had no intention of doing so?
Anyone who says otherwise should just own up to being a redhatted minion.
Click to expand...

breaking promises is not against the law

more of that problem understanding the concept of liberty I see.
 
#168
#168
McDad said:
If Trump has lied on his capital gains on the sale of property, that is indeed fraud.
However, and correct me if wrong, are those clamoring for investigation claiming he lied about capital gains or simply "lied" about the value of held property (aka fluctuating value)?
Click to expand...
I think he probably lied about all of it. That's his standard modus operandi.
 
#170
#170
Burger said:
It doesn't. Fair market value won't be found out until you sell it.
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Bingo. Excellent, Burger.

This is the ONLY true determination of real estate value. Although all the other values are accepted depending on the situation.
 
#172
#172
McDad said:
Correct again. Now here's where it gets fun.

I can loose 50k in one year on a property sold (prop A) and make 50k the next year on the sale of a different property (prop B). Because the loss carries forward, i offset my cap gains.

So, did i make 50k on the sale of prop B or did i make zero?
Click to expand...

who are you telling about it? If it's the E family they both were catastrophic losses.
 
#173
#173
McDad said:
Correct again. Now here's where it gets fun.

I can loose 50k in one year on a property sold (prop A) and make 50k the next year on the sale of a different property (prop B). Because the loss carries forward, i offset my cap gains.

So, did i make 50k on the sale of prop B or did i make zero?
Click to expand...
Lose
 
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