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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]In short, he’s a crook!

$750 in taxes paid the year he won presidency!

https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html?referringSource=articleShare[/quote]

How much should he have paid?[/quote]
If he's really a billionaire, more than $750, don't you think?[/quote]

Taxes are based on income, not assets or wealth.  As a real estate developer/investor, Trump would have significant depreciation and loss carry forwards that would allow him to dramatically (and legally) reduce his taxable income to include showing a loss.  DH and I have a very similar tax situation.[/quote]

For 18 years? Are you kidding me? That's not how taxes work. Seriously.[/quote]

That’s exactly how taxes can, and often do, work.  I see it every day.[/quote]

Depreciation on real estate, which is non-cash, is expensed to reduce income/create losses.  Properties are sold and taxes on the proceeds/profits are deferred via a 1031 tax-free exchange.  Very few of my clients pay much, of any, in taxes, year after year.

Please explain how Trump can be a successful businessman and claim losses for 18 out of 20 years. [/quote][/quote]

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