OK, to preface this... I'm not a CPA and my area of experience in regards to taxes is more on the corporation side... But with that said, let's consider this:
A charitable contribution can be taken up to 10% of your income and be used as a deduction to reduce your income tax liability. However, the charitable contribution deduction can only be taken so long as your taxable income nets out to be a positive value.
So here's my theory:
Based on the information we have regarding his close to 1 billion dollar losses, I think it would come out that trump did not give any charitable contributions because it did not benefit him to do so.
I have not heard anyone else say or mention this. This is just my theory. I think it might be a reason why he's not releasing his taxes. It would be quite embarrassing if his taxes showed he had no charitable contributions.
Quote:Thoughts?
You accountant geeks are weird.
Quote:OK, to preface this... I'm not a CPA and my area of experience in regards to taxes is more on the corporation side... But with that said, let's consider this:
A charitable contribution can be taken up to 10% of your income and be used as a deduction to reduce your income tax liability. However, the charitable contribution deduction can only be taken so long as your taxable income nets out to be a positive value.
So here's my theory:
Based on the information we have regarding his close to 1 billion dollar losses, I think it would come out that trump did not give any charitable contributions because it did not benefit him to do so.
I have not heard anyone else say or mention this. This is just my theory. I think it might be a reason why he's not releasing his taxes. It would be quite embarrassing if his taxes showed he had no charitable contributions.
How charitable are you? Besides the $500 Salvation Army/Goodwill/Humane Society deduction?
He gave to his own charities which in turn spent money at his own golf courses, because that's really what needed the most help.
Quote:He gave to his own charities which in turn spent money at his own golf courses, because that's really what needed the most help.
Again, you spew your verbal diarrhea like its fact. You are quite a piece of work.
Quote:Again, you spew your verbal diarrhea like its fact. You are quite a piece of work.
Quite..
<a class="bbc_url" href='http://www.thedailybeast.com/articles/2016/09/30/eric-trump-charity-spent-880k-at-family-owned-golf-resorts.html'>http://www.thedailybeast.com/articles/2016/09/30/eric-trump-charity-spent-880k-at-family-owned-golf-resorts.html</a>
The Daily Beast? WTH is that?
Quote:Quite..
<a class="bbc_url" href='http://www.thedailybeast.com/articles/2016/09/30/eric-trump-charity-spent-880k-at-family-owned-golf-resorts.html'>http://www.thedailybeast.com/articles/2016/09/30/eric-trump-charity-spent-880k-at-family-owned-golf-resorts.html</a>
Also, how charitable are you? Do you donate the % of your income you would like Trump to?
Quote:The Daily Beast? WTH is that?
Washington Post better? I just liked that link because it shows the actual documents.
<a class="bbc_url" href='https://www.washingtonpost.com/news/post-politics/wp/2016/07/12/eric-trump-said-his-charity-received-hundreds-of-thousands-from-his-father-now-hes-not-sure/?0p19G=c'>https://www.washingtonpost.com/news/post-politics/wp/2016/07/12/eric-trump-said-his-charity-received-hundreds-of-thousands-from-his-father-now-hes-not-sure/?0p19G=c</a>
Quote:Also, how charitable are you? Do you donate the % of your income you would like Trump to?
He uses charities like he uses the tax code. To benefit himself. He talks big, but again.. his tax returns would reveal a lot. I have read articles that call him the least charitable billionaire ever. Would you be so surprised? <a class="bbc_url" href='https://www.washingtonpost.com/politics/trump-promised-millions-to-charity-we-found-less-than-10000-over-7-years/2016/06/28/cbab5d1a-37dd-11e6-8f7c-d4c723a2becb_story.html?0p19G=c'>https://www.washingtonpost.com/politics/trump-promised-millions-to-charity-we-found-less-than-10000-over-7-years/2016/06/28/cbab5d1a-37dd-11e6-8f7c-d4c723a2becb_story.html?0p19G=c</a>
Wouldn't be a surprise. He doesn't strike me as being that charitable a person in the traditional sense.
I'm the most charitble. Tremendous giver. I promise you.
Be great to see what percentage of the money was eaten up in "administration" before being passed on to other charities. You can tell by the way its set up its a massive tax dodge.
Shoot I only gave $1 this year at a Publix charity thing. Hopefully the sheeple don't come after me to.
Quote:Be great to see what percentage of the money was eaten up in "administration" before being passed on to other charities. You can tell by the way its set up its a massive tax dodge.
are you kidding me?
Quote:How charitable are you? Besides the $500 Salvation Army/Goodwill/Humane Society deduction?
Classic deflection, and quite lame. This is about your boy. A billionaire. Not some yahoo peasant like myself, you, or anyone here in The Jungle.
Quote:He gave to his own charities which in turn spent money at his own golf courses, because that's really what needed the most help.
No, that's Hillary's ploy.
Quote:OK, to preface this... I'm not a CPA and my area of experience in regards to taxes is more on the corporation side... But with that said, let's consider this:
A charitable contribution can be taken up to 10% of your income and be used as a deduction to reduce your income tax liability. However, the charitable contribution deduction can only be taken so long as your taxable income nets out to be a positive value.
So here's my theory:
Based on the information we have regarding his close to 1 billion dollar losses, I think it would come out that trump did not give any charitable contributions because it did not benefit him to do so.
I have not heard anyone else say or mention this. This is just my theory. I think it might be a reason why he's not releasing his taxes. It would be quite embarrassing if his taxes showed he had no charitable contributions.
Your theory is flawed.
1. He could only claim that loss on his taxes for 15 years, if he claimed it every year allowed, that allowance was up six years ago. So he'd probably be using those charitable deductions on his tax forms now.
2. Why would his tax forms show donations he wasn't legally allowed to claim at the time? Not claiming them and not making them are two different things.
That's just good business