Assuming DJT lost @$1B in one year, his loss carry forward is check the box stuff, neither “genius”(Giuliani) nor “meretricious”or “suspect”(his media critics apparent take-away).
Somehow the media, by missing this point, has lost focus on the fact that this con man
lost one billion dollars.
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A purely technical point: any losses that resulted in debt cancellation, either through bankruptcies or agreement, generated income to him if he benefited from the cancellation. This is probable, due to what has been revealed in litigation about the structure of his businesses. I begin to understand why DJT gets audited a lot.
I used to get audited a lot, but always ended up with tax savings through the audit because I purposely overpaid my taxes for years with the foreknowledge that I was being targeted.
FWIW, targeting is sometimes intentional, sometimes the result of one asshole in a bureaucracy, and actually usually based on the “flags” the computer looks for. I had “flags” because of – wait for it – real estate investments.
And when the S&L crisis hit in the 80s and my little empire almost went under, costing me hundreds of thousands – but NOT A BILLION – I got audited for my loss carry-forwards. For the last twenty years I practiced, sans multiple real estate investments, I was never audited. No flags on simple returns.
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