The BIG ONE: 20 years of Trump taxes obtained by NYTs

[Anonymous]

Anonymous wrote:

Calling your corporate officer/employee a “consultant“ and deducting the expenses of paying her is fraud

Not necessarily. An employee can be a consultant doing a different job. An employee whose job is to empty the trash cans can also be a contractor who paints the walls. Two different functions. But the "consultant" pay rate needs to be in line with market value for the service. You can't pay someone $750k to paint an office and deduct that. Since his daughter seems to have very few marketable skills, and is unlikely to have any that are worth as much as claimed, this is certainly a suspect deduction, but, as noted above, we would need more information to verify that.

Calling your personal residence an “investment property“ and deducting property taxes and other expenses is fraud

Again, more information is needed. This one is the hardest claim listed to justify, though.

Calling personal expenses like hair care and clothing “business expenses” and deducting them is fraud

Not entirely true. Actors and models can deduct certain similar expenses like this when they are essential to the job. It is a harder case to justify here, partly due to the cost and partly due to the fact that he wasn't an actor. He did appear on television regularly, though. So, again, more information is needed. This isn't a clear-cut case of fraud.

To be clear: everything listed is questionable, but the NYT article just raises the questions. It proves nothing, even if it is based on correct information. Many of us suspected far worse.

I have been in the industry, and I had this stuff written into my contract (studio paid for hair and makeup) when I was doing publicity. I don't know how it works now with social media. Maybe it is easier for these social media influencers to justify hair and makeup deductions, but just because you are famous and in the media does not mean that you can deduct all of your grooming expenses.

[Anonymous]

Nope, very specifically, hair care etc is NOT deductable under any circumstance.

[Anonymous]

Nope, very specifically, hair care etc is NOT deductable under any circumstance.

Do you have an IRS publication or other reference for that?

[Anonymous]

Anonymous wrote:

Nope, very specifically, hair care etc is NOT deductable under any circumstance.

Do you have an IRS publication or other reference for that?

“The U.S. Tax Court has repeatedly ruled that the costs of maintaining an appealing appearance are not deductible, even for public personalities. In a 2011 case, the court ruled against a television news anchor who wanted to claim deductions for the costs of maintaining her personal appearance.

Expenses "for manicures, grooming, teeth whitening, and skin care are inherently personal expenditures," the court ruled in that case, which involved a journalist in Ohio named Anietra Hamper.

The opinion states, "Although these expenses may be related to her job, expenses that are inherently personal are nondeductible personal expenses."

That ruling also cited an earlier opinion, Hynes v. Commissioner. In a summary of that case, the U.S. Tax Court said an on-air personality's contract with her TV station that requires a neat appearance "does not elevate these personal expenses to a deductible business expense."
https://www.ustaxcourt.gov/UstcInOp2/OpinionViewer.aspx?ID=9465#xml=https://www.ustaxcourt.gov//UstcInOp2/PDFXML.aspx?DocId=9297&Index=%5c%5cnt-26%5cUSTCPDF%5cAOTHistoricWWW&HitCount=12&hits=19d+6df+7e4+840+845+854+85a+86f+87b+888+8d0+8e2+

[Anonymous]

Now that the jig is up on the fraudulent tax treatment of this personal residence as an investment property, the Trumps want to sell it.

[Anonymous]

Trump's creditors to Trump:

I want you to do me a favor, though...

[Anonymous]

Anonymous wrote:
The 16% are people who just love that Trump is a 'badass' who gets away with stuff. And maybe they don't understand the full scope of the reporting and what it might indicate.

The 16% are those who love to "stick it to the libs" even if it means they got stung in the a$$ too. It's the "cut off my nose to spite my face" strategy.

Trump is funneling taxpayer money to his businesses, and that includes his supporters. They are fine with it because he's sticking it to the libs. But, if Obama had done this, well, you know sh1t would hit the fan with these guys.

[Anonymous]

FORBES: Donald Trump Has At Least $1 Billion In Debt, More Than Twice The Amount He Suggested
https://www.forbes.com/sites/danalexander/2020/10/16/donald-trump-has-at-least-1-billion-in-debt-more-than-twice-the-amount-he-suggested/#393916de4330
The president’s liabilities are spelled out in dozens of documents, published here.

No aspect of Donald Trump’s business has been the subject of more speculation than his debt load. Lots of people believe the president owes $400 million, especially after Trump seemed to agree with that figure on national television Thursday night. In reality, however, he owes more than $1 billion.

The loans are spread out over more than a dozen different assets—hotels, buildings, mansions and golf courses. Most are listed on the financial disclosure report Trump files annually with the federal government. Two, which add up to an estimated $447 million, are not.

[Anonymous]

Anonymous wrote:FORBES: Donald Trump Has At Least $1 Billion In Debt, More Than Twice The Amount He Suggested
https://www.forbes.com/sites/danalexander/2020/10/16/donald-trump-has-at-least-1-billion-in-debt-more-than-twice-the-amount-he-suggested/#393916de4330
The president’s liabilities are spelled out in dozens of documents, published here.

No aspect of Donald Trump’s business has been the subject of more speculation than his debt load. Lots of people believe the president owes $400 million, especially after Trump seemed to agree with that figure on national television Thursday night. In reality, however, he owes more than $1 billion.

The loans are spread out over more than a dozen different assets—hotels, buildings, mansions and golf courses. Most are listed on the financial disclosure report Trump files annually with the federal government. Two, which add up to an estimated $447 million, are not.

Did you read the whole this? He has a net worth of 2.5 billion according to this report

[Anonymous]

Anonymous wrote:

Anonymous wrote:FORBES: Donald Trump Has At Least $1 Billion In Debt, More Than Twice The Amount He Suggested
https://www.forbes.com/sites/danalexander/2020/10/16/donald-trump-has-at-least-1-billion-in-debt-more-than-twice-the-amount-he-suggested/#393916de4330
The president’s liabilities are spelled out in dozens of documents, published here.

No aspect of Donald Trump’s business has been the subject of more speculation than his debt load. Lots of people believe the president owes $400 million, especially after Trump seemed to agree with that figure on national television Thursday night. In reality, however, he owes more than $1 billion.

The loans are spread out over more than a dozen different assets—hotels, buildings, mansions and golf courses. Most are listed on the financial disclosure report Trump files annually with the federal government. Two, which add up to an estimated $447 million, are not.

Did you read the whole this? He has a net worth of 2.5 billion according to this report

It is important to note, as Trump did Thursday night, that he also has significant assets. Forbes values them at $3.66 billion, enough to make his net worth an estimated $2.5 billion. He is not broke, despite what many critics claim.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:FORBES: Donald Trump Has At Least $1 Billion In Debt, More Than Twice The Amount He Suggested
https://www.forbes.com/sites/danalexander/2020/10/16/donald-trump-has-at-least-1-billion-in-debt-more-than-twice-the-amount-he-suggested/#393916de4330
The president’s liabilities are spelled out in dozens of documents, published here.

No aspect of Donald Trump’s business has been the subject of more speculation than his debt load. Lots of people believe the president owes $400 million, especially after Trump seemed to agree with that figure on national television Thursday night. In reality, however, he owes more than $1 billion.

The loans are spread out over more than a dozen different assets—hotels, buildings, mansions and golf courses. Most are listed on the financial disclosure report Trump files annually with the federal government. Two, which add up to an estimated $447 million, are not.

Did you read the whole this? He has a net worth of 2.5 billion according to this report

It is important to note, as Trump did Thursday night, that he also has significant assets. Forbes values them at $3.66 billion, enough to make his net worth an estimated $2.5 billion. He is not broke, despite what many critics claim.

I'll believe it when I see it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:FORBES: Donald Trump Has At Least $1 Billion In Debt, More Than Twice The Amount He Suggested
https://www.forbes.com/sites/danalexander/2020/10/16/donald-trump-has-at-least-1-billion-in-debt-more-than-twice-the-amount-he-suggested/#393916de4330
The president’s liabilities are spelled out in dozens of documents, published here.

No aspect of Donald Trump’s business has been the subject of more speculation than his debt load. Lots of people believe the president owes $400 million, especially after Trump seemed to agree with that figure on national television Thursday night. In reality, however, he owes more than $1 billion.

The loans are spread out over more than a dozen different assets—hotels, buildings, mansions and golf courses. Most are listed on the financial disclosure report Trump files annually with the federal government. Two, which add up to an estimated $447 million, are not.

Did you read the whole this? He has a net worth of 2.5 billion according to this report

Not in cash. That is the estimated value of his properties. But a lot of them are money losers and probably not worth the estimate.

[Anonymous]

https://www.motherjones.com/politics/2020/10/people-keep-asking-who-trump-owes-400-million-to-thats-not-the-real-problem/?utm_source=facebook&utm_campaign=naytev&utm_medium=social&fbclid=IwAR0rl3xZ2VDK_ptciZsefW2hk9NgyE7YBUBs0PWIkMld-k-cnGmNpNSZZkQ

The real issue is this: How does Trump—whose businesses were faltering before the coronavirus pandemic and have been battered since then—plan to handle these soon-to-be-due debts?

The Times story, based on an analysis of his tax returns, portrayed a man who gets cash windfalls—from his father’s estate, from his work on the Apprentice, and from various endorsement and licensing deals—and then immediately blows it and needs to go searching for money. A number of Trump’s properties are far from profitable and some, like his Scottish resorts, are hemorrhaging cash.

Paying the loans off, in other words, doesn’t seem like an option. His last financial disclosure shows that at the end of 2019 Trump had anywhere between $46.7 million and $156.6 million available in checking or money-market accounts. He does of course have assets he could sell. Indeed, prior to the pandemic, the Trump Organization was floating the sale of its DC hotel, and, more recently, Trump’s company has talked of selling a Westchester estate that Trump unsuccessfully tried to turn into a golf course.

If Trump can’t pay off the debts, he needs to refinance them. But banks were not keen on dealing with Trump before he became president. Who on Earth would lend Trump money now? As we reported this summer:

Nancy Wallace, a real estate finance professor at University of California, Berkeley’s Haas School of Business, says the scrutiny that Deutsche Bank has faced may scare off other banks. “I think any bank I can think of in the United States would have exactly the same response: He is toxic. Exposing yourself to that kind of oversight under the current regulatory reality, for lenders who are large enough to provide capital to him, is just a nonstarter.”

[Anonymous]

Trump has a history of selling properties with the caveat that his name stays on them. Will his ego be able to handle not doing this?

NOBODY in the future will buy property with this requirement. The name is poisoned.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:FORBES: Donald Trump Has At Least $1 Billion In Debt, More Than Twice The Amount He Suggested
https://www.forbes.com/sites/danalexander/2020/10/16/donald-trump-has-at-least-1-billion-in-debt-more-than-twice-the-amount-he-suggested/#393916de4330
The president’s liabilities are spelled out in dozens of documents, published here.

No aspect of Donald Trump’s business has been the subject of more speculation than his debt load. Lots of people believe the president owes $400 million, especially after Trump seemed to agree with that figure on national television Thursday night. In reality, however, he owes more than $1 billion.

The loans are spread out over more than a dozen different assets—hotels, buildings, mansions and golf courses. Most are listed on the financial disclosure report Trump files annually with the federal government. Two, which add up to an estimated $447 million, are not.

Did you read the whole this? He has a net worth of 2.5 billion according to this report

Not in cash. That is the estimated value of his properties. But a lot of them are money losers and probably not worth the estimate.

Don’t confuse assets with liquidity. I’m a multimillionaire but not much is liquid. Liquidity is important.