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“Another bombshell published by The New York Times on Tuesday revealed that Donald Trump avoided paying taxes on nearly $300 million in loans he received.
According to the report, “The president’s federal income tax records, obtained by The New York Times, show for the first time that, since 2010, his lenders have forgiven about $287 million in debt that he failed to repay. The vast majority was related to the Chicago project.”
As Forbes pointed out on Tuesday, those loans “would normally count as taxable income,” but Trump largely avoided paying taxes on it.”
Hidden in the article is that things were offset by other losses.
This is called business. You guys continue to make yourselves look very, very dumb.
I know. I am so amazed how little they know about tax law, the Constitution, the Bill of Rights, our Government, our history............. If it is legal, and they don't like it, they need to work to make changes, but severe changes to make business not worth doing in the USA will only drive those businesses to a more tax friendly country, which has already happened in many cases with more moving out if Biden/Harris cheat their way to the presidency.
More desperation posts from the left. I believe part of this is to drive the Biden corruption threads out off the first page of this section.
Accountants know the loopholes to pay as little tax as possible; perfect legal. Why would anyone pay more tax than they need to?
Years ago we religiously went to HR Block and ended up owing money one year. We decided to get a second opinion and went to an accountant elsewhere and ended up getting thousands back instead. Are we bad people for this? Lol.
So he had massive losses that he could offset against those loans that were written off, that's one issue. The bigger issue to me, at least, is that he failed to repay $270 million in loans! And the banks, instead of trying to collect simply wrote off the balance! And POTUS is proud of that...saying it makes him a smart guy. I suppose deadbeat = smart guy....
I suspect what actually happened is that the banks eventually decided that they couldn't collect the loans, wrote them off and gave up on attempting collecting them. Once a financial institution ceases to attempt collection on such a debt they are required to issue a 1099 since the unpaid debt is then considered taxable income to the borrower. It doesn't matter if the debt is really forgiven by some mutual agreement or if the bank just determines it to be uncollectible.
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