About Us

Bill[_12_]

wrote:
On Thu, 4 Oct 2018 19:05:44 -0000 (UTC), Bill
wrote:

John H. wrote:
On Wed, 03 Oct 2018 20:34:56 -0400, wrote:

On Wed, 3 Oct 2018 19:51:18 -0400, Alex wrote:

John H. wrote:
On Tue, 2 Oct 2018 20:11:38 -0400, Keyser Soze wrote:

On 10/2/18 6:34 PM, justan wrote:
To determine what happens or doesn't happen on public property.

President Trump participated in dubious tax schemes during the 1990s,
including instances of outright fraud, that greatly increased the
fortune he received from his parents, an investigation by The New York
Times has found.

Mr. Trump won the presidency proclaiming himself a self-made
billionaire, and he has long insisted that his father, the legendary New
York City builder Fred C. Trump, provided almost no financial help.

But The Times?s investigation, based on a vast trove of confidential tax
returns and financial records, reveals that Mr. Trump received the
equivalent today of at least $413 million from his father?s real estate
empire, starting when he was a toddler and continuing to this day.

Much of this money came to Mr. Trump because he helped his parents dodge
taxes. He and his siblings set up a sham corporation to disguise
millions of dollars in gifts from their parents, records and interviews
show. Records indicate that Mr. Trump helped his father take improper
tax deductions worth millions more. He also helped formulate a strategy
to undervalue his parents? real estate holdings by hundreds of millions
of dollars on tax returns, sharply reducing the tax bill when those
properties were transferred to him and his siblings.

These maneuvers met with little resistance from the Internal Revenue
Service, The Times found. The president?s parents, Fred and Mary Trump,
transferred well over $1 billion in wealth to their children, which
could have produced a tax bill of at least $550 million under the 55
percent tax rate then imposed on gifts and inheritances.

The Trumps paid a total of $52.2 million, or about 5 percent, tax
records show.
Shame on them for following the law. Gosh, I circumvent paying taxes
by contributing to charity.
Shame on me for taking the deduction!

Ditto. $7K last year.
I have taken the standard deduction for at least 20 years, probably
more like 24 when I paid off the mortgage on the condo. Every time the
IRS has had a problem with my return, they ended up giving me money. I
didn't claim enough.

I haven't taken the standard deduction in about 30 years. This year may
be the first. We'll see.

Since I own my house, and my income is pretty decent, I take the standard
deduction, as the medical costs do not reach the threshold.

I don't have anything that even comes close to reaching the threshold.
Even when I was running my business, I was on the standard deduction
since you can still use it along with your schedule C. That was one of
my audits. They really watch that closely. It turned out I was not
deducting enough on my schedule C and it triggered the audit. The IRS
guy was great and he actually helped me get extra money back by
walking me through the home office deduction. You can't deduct office
expenses without having an office. My "computer room" qualified.
(dedicated space, not used for anything else).

My problems with the IRS were mostly IRS caused. Year 2000, I was one of
the 2% of the returns they lost. Still filed paper in those days. Twice
they have failed to credit me with a 1099 with withholding. Same company
both times.

Thread Tools	Search this Thread
Show Printable Version	Search this Thread: Advanced Search
Display Modes
Switch to Linear Mode Switch to Hybrid Mode Threaded Mode

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Responsible credit-card users to “subsidize” deadbeats	Tom Francis - SWSports	General	7	May 20th 09 05:18 AM

Menu

About Us