Trumps tax returns show he paid NO taxes in 2020, committee says

why would anyone want them to sell tainted formula?

 

Right. The law applies to Trump.

 

Yep he gets treated no different than you or me.

 

It's a typical mentality in the US. Never taking responsibility. The way Blues argued, he should not be liable for the tax increase because he answered the questions wrong on his tax software or that a tax preparer did something bad without his consent. He would be hit with a tax liability and possibly a civil fraud penalty if the tax increase is significant enough.

BTW, this was exactly the same argument that Wesley Snipes used when he claimed a $0 return with all the withholding to be refunded to him for three years. The Tax Court sentenced him to three years in priosn along with a separate trial for the tax preparer who did the tax returns. That person got a longer sentence and is now barred from preparing tax returns ever again.

 

If the FMV was supported by the 1098-C, then I see no problem with it.

However, I do know one instance that used the purchase price of the TV to claim as a deduction. The TV was a couple of years old and worth may $200. that person used $5000, which was the purchase price per the credit card statement.

 

No not really. He was not audited for two years as per IRS policy. That is automatic. The rest of us are based on the Dif score. Higher the Dif score, the better chance you will be audited unless it is a program audit.

 

the question is how the losses were derived. If there are unsubstantiated deductions on that return, that could change a net loss from a net income, and may have to pay taxes. The other question is how many years did those losses occur. There is a general 5-year rule under IRC 183 in which if losses occur in three of the five years, then it may not be deemed a business but a hobby. And the tax form it is reported on does not take that into account. Hence why the questions of the deductions are so important and why there were not verified to begin with.

 

Go whine to Obama's IRS commissioner, the one Trump appointed made sure they continued but then 90% of taxpayers are not audited.

The fact is his primary residency is handled like anyone else's including the poster whining he could not deduct the lose on his if he sold it for a lose.

 

Partially correct:

Of course the monetary tax liability is ultimately owed by the taxpayer, even if he relies on accountants. I think what we were debating above was whether Trump is criminally liable if he relies in good faith on the calculations made by independent professionals.

It wasn't the Tax Court that sentenced Snipes to prison, but a federal district court:

"On February 1, 2008, Snipes was acquitted on the felony count of conspiracy to defraud the government and on the felony count of filing a false claim with the government. He was found guilty on three misdemeanor counts of failing to file federal income tax returns (and acquitted on three other "failure to file" charges)."

https://en.m.wikipedia.org/wiki/Wesley_Snipes8

They may get Trump for tax fraud, which half of us are assuming he did, but that's a different animal.

 

Nothing you wrote makes any sense or deals with the issues at hand. The inconvertible fact was that he was not audited as required by procedure. Obama was. Bush was. Biden is/was. Every president except Trump since 1977 has been audited and no one complained except the Trump and made sure he was not audited either himself directing it or telling the IRS commissioner to do so.

As for his residency, that does not mean a hill of beans in the audit period. And no, it was not handed like everyone else.

 

I really don't think he will be charged with tax fraud. I do think he will be charged for the mishandling of classified documents though.

 

In other words you are completely ignoring the fact that since the rich, corrupt, career, politician has taken office: our lives have gotten waaayyy more expensive. Got it.
Keep voting the way you do, it’s working out so well for the taxpayers of our country.

 

I have the capacity to have a basic understanding on micro and macro market trends and how they have been impacted by supply chain shortages and staffing issues as well as being able to see it is happening on a global scale. I have also noticed the massive price increases being done by companies have correlated will a massive spike in their profits.

But if you need to believe it’s only Biden’s fault, have at it

 

So explain to us all why I cannot deduct a loss in value of my primary residence but a business can deduct a loss against future earnings. Why is one favored and the other is not? And if you come back with tax code answers then you are missing the point. Someone wrote the code and got it passed for a reason and that reason did not include me or you being able to deduct the loss in value of our home against future income. But if my house increases in value, I will be taxed on the gain when sold.


"If you sell your home at a loss, can you deduct the amount from your taxes? Unfortunately, the answer is no. A loss on the sale of a personal residence is considered a nondeductible personal expense. You can only deduct losses on the sale of property used for business or investment purposes."

Google search for "can you write off the loss of a home sale"

 

Very well, most democrat OPPOSERS stated BEFORE the 2020 election that if biden were to be elected life would get considerably harder fir most of the taxpayers of this country.

I guess that crowd should start gambling a lot more.

 

https://www.msn.com/en-us/news/us/m...for-bombing-raids-against-mexico/ar-AA15Ka5KN

I don't recall that being said by anyone but Trump and his ilk.

And I'm a taxpayer and my life isn't all that much worse.

 

Man I am so wrong!! I know this now due to your post and the link you used to support it. I guess I owe you—— nothing!!! Since you and those who refuse to do their homework think they are right.

 

I am also a taxpayer and my life isn’t much different either, but I have a concise and my customers and tenets are now having a much harder time because of supply shortages, and record high inflation.

See, I just raise my rent or prices, but how does the average low income families deal with that?

 

I already did. Because you don't pay any capital gains on any profit. The IRS does not consider your primary residence an asset. And you are comparing yourself to a business now after losing on comparing yourself to Trump. Businesses don't have residences and pay tax on any gain on any property they sell.