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Where on your tax filings do you value your real estate?
Why would a local tax board take your word for it? Don't they employ tax assessors?
www.forbes.com
How Donald Trump Inflated The Value Of His Los Angeles Land–And Got A Tax Break
The New York attorney general is investigating the former president’s Golden State project. He lied to Forbes about the place for years.
Read. The. Article.Overvaluing his land.....so he paid more property tax?
Nope. You clearly did not read it.I did.
How much extra tax did he pay?
Biden.Who's having a worse week? Putin or Trump?
Nope. You clearly did not read it.
Let me know if there are any big words you don't understand:
It’s the patch of 16 lots that Trump never tried to sell that has become a major focus of James’ investigation. Trump spent years fighting for approval to build homes on the parcel, which was considered at risk of another landslide. In the meantime, he got permission to use the area as his golf course’s driving range and putting green.
It would likely take years, and millions of dollars, to make the land safe enough to be approved for home development. So, Trump came up with a different way to cash in on his troubled piece of land: He used it to cut his tax bill. In 2014, he struck a deal with a local land conservancy. Trump donated a conservation easement over the tract, promising to keep it as green space instead of trying to turn it into homes. In exchange, he could deduct the value of the gift—which he had appraised at $25 million—on his taxes. Another perk: He got to keep using the property as a driving range for his paying customers. A good deal, even if the optics made his lawyer nervous.
“Some could argue that as long as he is operating the golf course, he would continue to keep the driving range,” Trump attorney Sheri Dillon wrote at the time, in an internal email obtained by James. “Effectively, the US taxpayers are paying him to do exactly what he would already do anyway.”
The New York attorney general, meanwhile, is taking aim at a different aspect of the deal: how Trump arrived at $25 million for the value of his “gift.” The higher the value of the land Trump agreed not to develop, the more he could deduct on his taxes. According to James, the Trump Organization and the appraisers it hired used a number of tactics to inflate their estimate, including downplaying the time and cost required to make the lots safe and lowballing the value of Trump keeping the driving range.
According to court filings, Trump submitted the questionable appraisal to the IRS and got more than $5 million in federal tax benefits between 2014 and 2018, thanks to the conservation easement at Trump Los Angeles and a similar agreement Trump made at a property he owns in New York state.
“Trump,” one appraiser wrote to another, according to the court filings, “is fighting for every $1.”
Pray tell, oh wise Sir. Where should we get our news and information from?You are a liar. You never talked to Putin. The TV told you that. Stop lying.
Thread.Neither. If anyone was having a bad day, it was Mr. Dow, Mr. Jones, Joe Biden, and all those idiots who voted for him and lost more of their assets.
View attachment 699588
Protests erupt in Russia, Trump and his children sued for scamming people.
I myself cannot answer this question as it is not an easy one. Please tell me your opinion in my poll and discuss if you so wish. Thanks.
It's not my work. I'm repairing it and thinking of what I want to troll with itThat's not a very good photo shop job.
.
I hope you don't mean the market's going to drop even more tomorrow.
It's a tough call as to which one is having the tougher week.
Since Putin's announcement he is forcing 300,000 of his captive citizens to fight in Ukraine, Russians are fleeing the country as fast as they can. Flights leaving the country are sold out. Border crossings are flooded.
Strangely, Fox News's web site has barely mentioned the unfolding disaster in Russia.
Michael Cohen and AOC are having a good laugh these days. It was AOC's questioning of Cohen which has led to the investigation currently flaming Crooked Donald's ginormous ass. Allen Weisselberg, who Cohen indicated was the guy to reveal the inner workings of Trump's frauds, has been convicted and is cooperating with New York authorities.
Local taxing bodies allow you to decide the value of your own property?
Wow!
I'll have to try that. Think it'll work?
There are several ways to cheat on taxes.
First, overvalue your assets when seeking a loan from a bank. Then, default on the loan and have the bank forgive the amount. Then neglect to report the amount forgiven as income as required by law.
This is the scheme Crooked Donald pulled when borrowing money from Fortress Credit Corp for the Trump International Hotel and Tower in Chicago. Fortress ended up eating $100 million.
Second, undervalue your assets on your tax filings in order to pay lower property taxes.
You can read some more examples here: Did Trump overvalue his properties? Here's what we know
How Donald Trump Inflated The Value Of His Los Angeles Land–And Got A Tax Break
The New York attorney general is investigating the former president’s Golden State project. He lied to Forbes about the place for years.
Wait until Putin starts using tactical nukes.I hope you don't mean the market's going to drop even more tomorrow.
