General Discussion
In reply to the discussion: The argument I'm getting re his taxes HELP! [View all]greenjar_01
(6,477 posts)Is it legal to state you're abandoning an asset for tax purposes, then to continue accepting revenue from that asset? Well, it's not illegal, but if you do so, you can only report losses of up to $3000 per year for that asset. Trump stated that he abandoned his casino assets, then claimed losses of $72 million for them. He accepted revenue from them after having claimed to abandon them. It's currently before a review board, but it is indeed tax fraud if he declared more than $3000 per year in losses for that asset while knowing he collected revenue after having "abandoned it" for the purpose of the loss declaration.
It is absolutely illegal to claim the same expense twice, which is what Trump did when he had Ivanka on payroll and then paid her again as a consultant through the TTT LLC. The consultant work has to be specifically segregated from the employee work. It's fraud. You can't pay Employee A a salary for Job X, then also pay consultant fees to Employee AAA LLC for Job X, especially if you're using the payment to Employee AAA LLC as an expense for tax purposes. Is your brother a fucking idiot?