Evidently IRS audit has flagged tax break related to Chicago Tower building.
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Trump may owe 100 million on double dip tax break
- Thread starter tumorboy
- Start date
Isn't that the $$ he converted to a "loan" that was never paid back, and never declared as income?
I believe that was Atlantic City casinos.
He runs scams with every property in his name.
Con man.
Takes a huge write-off for a self-proclaimed worthless asset (Trump Tower Chicago). I'm a retired CPA and I didn't know you could even do that. I'm not convinced that you can.
Then transfers it into a partnership he owned (DJT Holdings, LLC) and wrote it off again, which I am completely sure you can't do.
The man cheats to not pay taxes. And, people that can hardly rub two nickels together love him.
Then transfers it into a partnership he owned (DJT Holdings, LLC) and wrote it off again, which I am completely sure you can't do.
The man cheats to not pay taxes. And, people that can hardly rub two nickels together love him.
Yeah, I've been thinking about this. There is no way to claim a building like that "worthless". And even if somehow you could, your investment just adds to your tax basis in the land. The land where that building sits is absolutely valuable.Takes a huge write-off for a self-proclaimed worthless asset (Trump Tower Chicago). I'm a retired CPA and I didn't know you could even do that. I'm not convinced that you can.
Then transfers it into a partnership he owned (DJT Holdings, LLC) and wrote it off again, which I am completely sure you can't do.
The man cheats to not pay taxes. And, people that can hardly rub two nickels together love him.
It's not even close to being legit.
Worst thing that ever happened to Trump was being elected President.
Looks like the board's MAGAs are going to have to start giving more, and more often.
The funny thing is he tried to run scams, but was still so incompetent he bankrupted all of his casinos. The root of this case is from the building he put up in Chicago
I can’t tell. I’m pretty sure this is another scam he ran off of the Chicago tower.
So when would good timing have been?
It doesn’t matter. If they released it anytime between the day the audit and investigation started through today, usual suspects would complain about DOJ bias and election interference.
'Member that time @Finance85 told us "we wouldn't learn anything from his tax records"
Well, this is INDEED the issue that arose from that "forgiven loan" information we learned of back in 2020 (or earlier)
abc7chicago.com
Seems like someone learned quite a bit from those released taxes, and that he double-dipped and owes even more money...
Well, this is INDEED the issue that arose from that "forgiven loan" information we learned of back in 2020 (or earlier)
New York Times: President Trump had $270M in debt forgiven after failing to repay lenders for Trump Tower Chicago, tax records show
He's had debt forgiven since 2010 after he didn't repay his lenders for a Chicago skyscraper development, the NY Times reported.
Seems like someone learned quite a bit from those released taxes, and that he double-dipped and owes even more money...
So...."UnFinance85"?'Member that time @Finance85 told us "we wouldn't learn anything from his tax records"
Well, this is INDEED the issue that arose from that "forgiven loan" information we learned of back in 2020 (or earlier)
New York Times: President Trump had $270M in debt forgiven after failing to repay lenders for Trump Tower Chicago, tax records show
He's had debt forgiven since 2010 after he didn't repay his lenders for a Chicago skyscraper development, the NY Times reported.
Seems like someone learned quite a bit from those released taxes, and that he double-dipped and owes even more money...
When a person like trump is involved in scams on a regular basis and gets caught, it's bound to happen at a time when his cultists find it amazing.
This is the another first for Trump. He borrows money, then sues the bank for predatory lending practices.'Member that time @Finance85 told us "we wouldn't learn anything from his tax records"
Well, this is INDEED the issue that arose from that "forgiven loan" information we learned of back in 2020 (or earlier)
New York Times: President Trump had $270M in debt forgiven after failing to repay lenders for Trump Tower Chicago, tax records show
He's had debt forgiven since 2010 after he didn't repay his lenders for a Chicago skyscraper development, the NY Times reported.
Seems like someone learned quite a bit from those released taxes, and that he double-dipped and owes even more money...
The bank agreed to lend $640 million to the project, the newspaper said, but after construction delays, the loan came due while portions of the building were still unfinished.
While Deutsche initially granted Trump an extension on paying back the loan, after it denied an additional extension request Trump sued the bank along with Fortress Investment Group -- which had provided a $130 million loan for the project -- and other banks and hedge funds that had bought parts of those loans, the Times reported.
Trump, according to the newspaper, charged that Deutsche had engaged in "predatory lending practices." The bank responded with its own lawsuit demanding repayment of the loan.
In July 2010, Deutsche Bank, Fortress and Trump reached a private settlement without disclosing the terms, the Times reported. But Trump's federal tax returns and a loan document show that he had about $270 million in debt from the project forgiven.
I think he made billions as President. God only knows how much intelligence he sold to other countries.
Almost as amazing as your stupidity.
Yup, and I also remember you saying you could find out who he was doing business with, and posted a link to every form he had to fill out and proved you wrong. The IRS, and you, wouldn't have learned anything from the returns in this case. It takes an audit to uncover what isn't on the returns.'Member that time @Finance85 told us "we wouldn't learn anything from his tax records"
Well, this is INDEED the issue that arose from that "forgiven loan" information we learned of back in 2020 (or earlier)
New York Times: President Trump had $270M in debt forgiven after failing to repay lenders for Trump Tower Chicago, tax records show
He's had debt forgiven since 2010 after he didn't repay his lenders for a Chicago skyscraper development, the NY Times reported.
Seems like someone learned quite a bit from those released taxes, and that he double-dipped and owes even more money...
You still are wrong old man. You should learn what you are talking about before you call people out. It just makes you look like an idiot
It truly is amazing isn't it? As if the IRS didn't have this already. Amazing discovery right now isn't it?
IRS has been intentionally understaffed and underfunded for years. Many elected officials don’t want them going after their donors.
It really doesn't matter how long it takes as long as it gets done. According to Trump he's audited every year, and based on his track record, he should be audited every year. Willful tax fraud is a crime, and he should be prosecuted for it, just like anyone else.
Just take your "L" here, bro.
You claimed no one would learn anything from his taxes. That was 100% false.
LOL if you take anything he says as truthful, and believe his audits, if they have happened, have not been influenced by officials during his administration, or a fear of charges of politicization since he left office. Trump 101, scream about being a victim and threaten in order to get preferential treatment.
True. Presidents are considered responsible for everything, even where they have little personal impact (gas prices, the economy, global conflict, etc.). With Trump, given all his business interests/lawyers/accountants/etc. from his business life, it's amplified. This is a perfect example.
Firstly, it's unlikely he did actually break the law here, but secondly, if he did, what are the odds he knows/understands why or how he broke the law. Whatever doc he signed was likely in a pile of 50 that his lawyer/accountant told him he needed to sign.
I don't have NEAR the number of irons in the fire these public figures do, and if I were accused of tax fraud, I'd call my CPA and say "hey what's the deal with this, can we get it resolved?" I wouldn't have a clue, I don't touch any of it.
I don't imagine the truly rich have much idea either
you're right
we probably should bother them with stuff like this
very unfair of us, actually
Finance believes anything Trump tells him.
But he's not a Trumper
And he's not defending Trump.
LOL
It's not false. Cite the personal or business tax forms where this would have been uncovered. Put up or shut up. You can go back and use the IRS links I posted for you, or go to IRS.gov.
You mean there's "no tax forms" where he double-dipped on taking a $100M deduction, twice?
Dude. Just take the L and move on. Trump is not the savior you want him to be. He's a crook. And he's getting his karma now.
Wait. You said this proved that Trump releasing his tax returns would uncover this type of thing. Prove it.
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