Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Trump did nothing wrong with his $900 mill loss.


Recommended Posts

While Hillarious is running off at the mouth about Trumps $900 million loss, The Donald is once again having to defend himself. Most people don't understand this aspect of the tax code which Trump took advantage of and think he cheated on his taxes that allowed  him to pay little or no taxes on the subsequent years.

No matter how you feel about this, Trump had every right to claim a large loss for the 1998 tax year there by allowing him to legally take a credit loss each year till it zeros out. In this case it took about 18 years to zero out.

i know this because I used the same carry over credit on my taxes on a home that I owned while living in Las Vegas about ten years ago.  This was about the time of the housing bubble as I got caught up in it. In 2006 I decided that I was going to move back to upstate N.Y. On a July afternoon when the temperature got up to 117 that day. The heat was just to much for me to stay there any longer. By April of 2007 I had a moving truck outside of my new home of 3 years loading up my worldly possessions. I had made arrangements for a management company to handle the renting of my home in northwest Vegas. My mortgage payment on that home was about $1,300.00 a month. Later in 2007 the Vegas economy started to tank. As time went on it became more difficult to keep tenants in my home and harder to find new ones.

it wasn't to much longer before I started getting behind on my mortgage payments. I went to consult a CPA for advice and he laid the cards out on the table. Under his advice I decided to walk away from the mortgage and let the bank take the house. When I bought the house it was worth $295,000.00. and after laying out $100,000.00 for the down payment I still owed the bank about $195,000.00.  You know the old saying  "You can't get blood out of a stone." and this is the way it was for me. 2008 was a rough year and by the end of the year, the bank was demanding all the money I owed. I basically threw my arms up and said I give up. 

The $100,000.00 down payment and the monthly payments I made to the bank till I couldn't pay anymore came to about $125,000.00 in losses. According to the tax code I was able to claim $25,000  against my income taxes starting in 2009 until the balance reached zero. I legally paid zero income taxes to the federal and state government. Trump did the same thing on his losses for 1998 that I did in 2009. The tax code is so complex that there are possibly many thousands of people that are not aware of the many legal loopholes. Therefore, there are a lot of people that cry foul when they hear about Trump using this legal loophole.

There are also many middle income people that can use this tax doge but are unaware of it. Also, it is important to know that this code gives many rich people like Trump the ability to claim the loss while giving them the chance to start over by building up a new business that will hopefully employ people. I consider this whole situation with Trump and his $950 + million loss all moot now. Let's move on to something else now.

 

 

 

  • Upvote 4
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.


×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.