Maybe Trump Did Cheat

a reply to: Mandroid7
Do you understand that the SEC filing specified salary paid to Trump by Trump Hotels & Casino Resorts?

Salary means something quite specific, correct?
There is a line on a 1040 for salary and wages, correct?

a reply to: Phage
I can understand wondering how someone could take such a loss and still live like he did.

However, I think that unfortunately that is quite common.

Soros lost 1.5 Billion, and I bet his quality of life hasn't diminished.

www.insidermonkey.com...

a reply to: Phage

Understating income to evade taxes? Sounds about right:

LA Times - Trump has thrived with government's generosity (2011)

That revelation came shortly before Trump and his partners shortchanged the public coffers, according to the city audit. Trump asked his accountants in 1987 to retroactively change the Grand Hyatt's accounting policy to lower its tax bill, according to an accountant's letter uncovered in the audit. When tax receipts from the Grand Hyatt plummeted to $667,000 from $3.7 million the year before, the city budget director asked Auditor General Burstein to review the hotel's financial records. Burstein said the Grand Hyatt, through "aberrant" accounting practices, had understated its profits by $5 million and shorted the city by $2,870,259 in taxes.

a reply to: Phage

Absolutely

Its on the balance sheet for investors to check out.

Do you agree that come tax time, when you file income, you tally up your income?

Business a made 500k, business b made 0, but cost 450k in legal itemized deductions?

So now you would file for 50k, and be taxed at that brackets rate?

I think it shows he just didn't make much cash.

a reply to: Mandroid7
What a bunch of drivel.

Its on the balance sheet for investors to check out.

No, actually it is on the income statement, not the balance sheet. Salaries are an expense.


The SEC filing says he received a salary of $583k.
His 1040 says he received $6k.

Salary is what you get paid. It has nothing to do with profits.

originally posted by: Phage
a reply to: LesMisanthrope

I suppose he could hire accountants to double-check his accountants, but that seems like overkill.

So, he just signs stuff without understanding it? He's not brilliant?

Well it's not like he was voting for a healthcare reform bill that would effect the whole country...

a reply to: Mandroid7

Business is different than wages. A business Income v Expense would work like you say. A person's WAGES or SALARY however, does not. It is a counted as personal income. One may have deductions that reduces the amount of taxable wages, or one may have to pay on the full amount.

If he received x amount from a casino in salary/wages, then it should be reported the same on his salary/wages line item of his taxes. Any deductions would be calculated off of that and then a "taxable" amount determined. If the casino paid him x wages, but he puts down a vastly reduced y on his salary/wages line, then he would be lying. Simply.

- AB

There's legal, there's ethical, and finally, there's moral.

Subtle differences not everyone appears to comprehend.

a reply to: Morosus

Well, yes, there is also that.

a reply to: Phage

How is it drivel?

Does the 1040 specifically state the salary from the hotel?

a reply to: Mandroid7

Does the 1040 specifically state the salary from the hotel?

Wages, salaries, tips, etc. Attach Form(s) W-2

a reply to: AboveBoard

Interesting, makes more sense then, thanks for the explanation,

originally posted by: Phage
a reply to: Mandroid7

Does the 1040 specifically state the salary from the hotel?

Wages, salaries, tips, etc. Attach Form(s) W-2

Yep, you are right as usual.

I bow down, carry on then.

a reply to: Mandroid7

Never filed a 1040?

Even a 1040EZ has that line.

One question....why, if his taxes are such and issue and he has been audited every year has the IRS not made it an issue? Oh, i know, because all he did was legal. Now, the funny thing is, he wants to take away the loopholes he used.

The IRS is controlled by the current admin and if you say know it is delusional or a lie.

The IRS is controlled by the current admin

Are you saying the President can, by himself, change the tax laws?

a reply to: matafuchs


Why, if there are no issues, will he not release his tax returns?

Oh, i know, because all he did was legal.

You do know that? How? Because the IRS audited him? But, he said he can't release his returns because he is being audited. That's his excuse any way. It sure ain't a reason.

a reply to: Phage



Yes phage, I have filed taxes before, but usually H&R does it.

My subs get 1099'd.

It's a good idea to read a tax return before signing it. Check a few, if not all, of the numbers even if someone prepared it.

a reply to: Mandroid7

So, you've never worked for anyone else? Never got paid over the table?

In that case: