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[MEGATHREAD] Trump Taxes
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AuditorTux is in megathread
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According to this story over at the New York Times they have Trump's returns and are releasing information from it. Trump's lawyers say its incomplete.

All posts related to this should go here.

Please follow the rules.


Now, outside of being a moderator, I have not had a chance to really read it in full (just skimmed) and they are citing enough details that makes me think that they have some very detailed records, but without seeing them, no way to tell if its complete or not. I'll see if I can find some time tonight or tomorrow to skim through and just see if anything really jumps out. But given most real estate is setup in partnerships (or LLCs), I have a feeling I might need to post something explaining, in general, how things like that might work, but even then I don't deal with his level of federal taxation, so I'll also wait to see what some of the other experts say (and hopefully they do get a look at the returns).

Edit: Just a general FYI, we usually turn off inbox replies to announcements, so please either message the mods if you have questions.

Edit 2: Please remember to follow the rules... this has been quite the show in everything we don't want this sub to be.

Edit 3: (Non-mod again this time). I've done some reading this morning and re-read the NYT piece in more detail. They clearly have his tax returns for many of the companies and even his personal returns in some years (2014 most clearly as they reference down to the line number on the 1040). That said, it looks like this is a partial glimpse into what has to be a really intricate tax/financial strategy and, without all the information, this is going to probably end up being a story that both sides will quote and use to their "advantage" (whatever that may be). The biggest part that, personally, baffles me is how they're still fighting over the ~$70M refund from back in the late '00's.

(Quoting a bit out of order to make this easier to understand)

In fact, confidential records show that starting in 2010 he claimed, and received, an income tax refund totaling $72.9 million β€” all the federal income tax he had paid for 2005 through 2008, plus interest.

The legitimacy of that refund is at the center of the audit battle that he has long been waging, out of public view, with the I.R.S.

But to turn that long arc of failure into a giant refund check, he relied on some deft accounting footwork and an unwitting gift from an unlikely source β€” Mr. Obama.

Business losses can work like a tax-avoidance coupon: A dollar lost on one business reduces a dollar of taxable income from elsewhere. The types and amounts of income that can be used in a given year vary, depending on an owner’s tax status. But some losses can be saved for later use, or even used to request a refund on taxes paid in a prior year.

Until 2009, those coupons could be used to wipe away taxes going back only two years. But that November, the window was more than doubled by a little-noticed provision in a bill Mr. Obama signed as part of the Great Recession recovery effort. Now business owners could request full refunds of taxes paid in the prior four years, and 50 percent of those from the year before that.

Also hanging over him is a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses. An adverse ruling could cost him more than $100 million.

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3 years ago