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]Not a Trump supporter by a long shot. But as a CPA, I'd want to see the actual tax returns. $750 tells me nothing. He may have been taking deductions that are allowed according to the U.S. tax code. Show us the actual returns.[/quote]

As a CPA, you’re probably aware of the potential legal pitfalls of claiming massive losses to avoid paying federal income taxes while inflating your  revenues and assets on bank documents for loan purposes.  Wouldn’t you tell your client that constitutes fraud? [/quote]

No.  Not at all.  The accounting systems for tax and for financial reporting purposes are substantially different beasts.[/quote]

This. The general public just doesn't understand enough about the different reporting systems. [/quote]

The accounting systems for taxes and for obtaining property loans, should be the same.  Because we are business owners of a pass through entity, we sometimes have low or negative AGI.  It absolutely interferes with our ability to get loans, because on paper, it looks like we have no income.[/quote]

The requirements for obtaining commercial real estate property loans is set by the banks, not a government entity. For the sake of conformity, banks typically use a common set of requirements for smaller loans for efficiency. They will be more flexible on larger projects in the tens and hundreds of million dollars. This is also the reason why private equity is still a thing, because they will look at a wider range of financial information and lend money where banks won't. [/quote]

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