Donald Trump Bragged to Press He Made a Fortune in 1984, Told the IRS It Was Zero

[kpete]

Donald Trump Bragged to Press He Made a Fortune in 1984, Told the IRS It Was Zero
The year that he emerged on the New York real-estate scene as a playboy cash cow, Trump’s tax returns said he made zero income.

In 1984, Donald Trump constantly bragged to the press about how much cash he was raking in. That same year, as David Cay Johnston exclusively reported in The Daily Beast, he told the IRS he had made nothing at all.

Trump deducted $626,264 as expenses on his 1984 federal income tax return, and $619,227 on his New York City return. On both forms, he claimed no income.


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http://www.thedailybeast.com/articles/2016/06/17/donald-trump-bragged-to-press-he-made-a-fortune-in-1984-told-the-irs-it-was-zero.html?via=mobile&source=twitter

[L. Coyote]

1. Wait until they find the offshore stash of cash he never reported.

Someone will leak that info soon enough (right after the convention).

[IllinoisBirdWatcher]

2. And every other Presidential candidate in recent history released tax returns.

So how many years has tRump never paid taxes?

Only the IRS knows for sure.

[Doctor Jack]

3. I'm sure there is so much stuff people are sitting on right now

I bet that what we know now isn't even 1/100th of the scandals that Trump is going to have to deal with in the next 4.5 months.

[1939]

4. I could believe it in 1984.

If you were in real estate between investment incentives and accelerated depreciation, you could be making money hand over fist, but showing a loss to the IRS at the same time. One of the best things of the 1986 Roth-Gephardt tax reform bill was the elimination of a lot of the tax dodges available to real estate investors as a tradeoff for reduced marginal rates on various levels of income.

[CaptainTruth]

5. The original Daily Beast article refers to "a Schedule C" ...

It doesn't say if it was the ONLY Schedule C with the return. I would expect him to have multiple businesses, so net profit/loss from other businesses would have been shown on other Schedule Cs. (This form was apparently for a consulting business.)

Also, not all income is reported on Schedule C. For example, investment income (capital gains).

So, to look at just one Schedule C (in a return that probably has several) & ignore all other sources of income & say "he told the IRS he made nothing (all income sources from all categories for the entire return)" as the article states is simply not supported by the facts that have been given.

Believe me, I'm NOT defending Trump, I think he's a plague on humanity, I'm pointing out what appears to be very sloppy journalism. And perhaps lack of knowledge of tax returns.

If there's any evidence he did report a total net income of zero (for the entire tax return, not just one Schedule C) please let me know.

[Rex]

6. The reason Congress keeps the IRS crippled with overworked people with

a budget constantly getting slashed, is because if the IRS was allowed to do their job at 100% capacity there would be hardly anyone left in the GOP that wouldn't be in jail.

[Kingofalldems]

7. Looks like a crime from here.