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Political Discussion
Reply to "The BIG ONE: 20 years of Trump taxes obtained by NYTs"
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[quote=Anonymous][quote=Anonymous]Not an accountant here, but how does a person pay for the regular stuff of life - food, clothing, heat, shelter, transportation - with so little income as to generate virtually no income tax? How can a person - not a business but a person - have big enough losses to erase ALL their taxable income? I mean the business can't pay for ALL your personal expenses.[/quote] Not an accountant either but essentially he can take those losses in chunks, so in real life, it’s not like he made no money and can’t pay for anything. It means if he had $75M in losses one year, he could take those losses over a period of years. [/quote]
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