Posted on 02/27/2019 4:46:29 PM PST by jazusamo
The recently elected democrat governor of Illinois, a trust fund gazillionaire, had all the toilets removed from one of his mansions. This was just before it was to be assessed for real estate tax purposes. Oddly, it was deemed uninhabitable and given a rock bottom assessment. After this was accomplished, he had all the toilets reinstalled. True story. Filthy Illinois democrat voters.
I’ve no idea but it has to be someone with more than two brain cells.
Some variation of the Peter Principle?
Of course nobody happened to ask just how he devalued his property...
Monkey and flagpole also come to mind...
“”What you do is, you deflate the value of the asset and then you put in a request to the tax department for a deduction,” said Cohen when Ocasio-Cortez asked how Trump attempted to reduce his tax burden.””
That was Cohen’s answer. It bears no resemblance to your post or to the one who said he’d been a CPA for 40 years and had no idea what they are talking about.
I believe a lot here are missing the point and intentionally so - requesting a reduction in assessed value of property (whether real or personal) is a common occurrence and assessors offices even send out the forms to complete for that purpose. What does your question have to do with that? No one said anything about “selling the asset” or taking a tax deduction for a “loss.”
“”How does one reduce the value of an asset and then take a tax deduction for a “loss” without actually selling the asset?””
They’re conflating the balance sheet with the income statement. A reduction in net worth is deductible for tax purposes. Not.
Rep. Alexandria Ocasio-Cortez, D-N.Y., on Wednesday asked President Trump’s onetime personal attorney Michael Cohen if Trump had intentionally devalued his real estate assets to reduce his tax bills, to which Cohen responded, “Yes.”
People are getting killed in illannoy because real estate taxes are so goddamned high that selling a house is very problematic. Only very well off people who don’t care or those who have the misfortune to be transferred here for their jobs are potential buyers.
Maybe he’s referring to a request for a property tax valuation adjustment. That’s not illegal. If it’s granted, it’s granted. If it’s denied, it’s denied. I suppose you could have misrepresentations in the form — as if that doesn’t happen all the time.
Maybe that's what Trump was trying to do, but in that case the whole line of question is a farce because it's the tax assessor -- not the property owner -- who ultimately makes the determination about the property's assessed value. Does this dingbat think Donald Trump could unilaterally declare Trump Tower to have a value of $1 for property tax purposes?
More importantly (as far as AOC's questions are concerned) ... None of this has anything to do with a Federal or State income tax return.
They are saying you fight the assessors valuation of your property. That valuation is used to calculate property taxes. Every business does that. The value of property and the valuation of a business and the morons in congress have no clue so they think it’s corrupt.
Also they were talking about insurance. A businessman submits the REPLACEMENT value, and pony face is too thick to know what she was asking and how to interpret Cohens answers.
” if Trump had intentionally devalued his real estate assets to reduce his tax bills.” .... “What you do is, you deflate the value of the asset and then you put in a request to the tax department for a deduction,”
I’m not sure this is the exact IRS term, but it’s ‘capital depreciation’ and is used by all businesses that own things like BUILDINGS.
PLUS.... I’m pretty sure that the IRS doesn’t allow you to decide what the taxable value of your property is.
What does any of this BS have to do with the Russians?
Nothing! It’s like what Rush says, it’s about getting dirt on Trump to begin impeachment.
Trump needs to release all the names of congress that paid hush money, tax money, relating to the sex scandals. Name them all.
Cities like NYC will be lost over this but we are decades from a national shift. As these cities and select representatives to full commie, it will drove millions the other way. look at the prolife polls since NY and VA endorsed post birth murder. Massive shifts. Not that we do not have threats but the leftward march in the dem party will be more asset than liability for now.
Trump needs to release all the names of congress that paid hush money, tax money, relating to the sex scandals. Name them all.
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Yup. Expose them all. Let the chips fall where they may.
Isn't there pretty much a standard depreciation rate the IRS allows for buildings and equipment ?
I could not have stated it any better, or shorter. Brevity is the soul of wit.
Well... he was given a choice. Lie, or your wife goes to jail for 30 years. (not kidding)
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