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Kushner Likely Paid No Federal Income Taxes for Years Documents Show

Discussion in 'Political Debate & Discussion' started by FollowTheWay, Oct 13, 2018.

  1. InTheLight

    InTheLight Well-Known Member
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    It's so cute when you move the goalposts.

    Previously you said:

    Now you make up a completely different scenario.

    Again, quit trolling.

    Sent from my Pixel 2 XL
     
  2. Squire Robertsson

    Squire Robertsson Administrator
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    With the rise in residential property values here in California over the last twenty years, its use is as common as dirt. Sorry, if that's not the case in your area.
     
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  3. TCassidy

    TCassidy Late-Administator Emeritus
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    Wrong again. I clearly said "Taxes would be deferred until the property was sold at a profit without doing another 1031 exchange."

    Don't you ever get tired of being wrong all the time?
     
  4. Squire Robertsson

    Squire Robertsson Administrator
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    Let me give you an example:
    • In 1989, a studio condominium was bought for 47,000 USD
    • In 2002, it was sold for 74,000
    • The profit was rolled over as down payment on a 350,000 USD single-family residence.
    • The SFR is now worth well over 600,000.
    All of these transactions are subject to the provisions of section 1031. IOW, section 1031 is used by more than just the ultra-rich.
     
  5. Earth Wind and Fire

    Earth Wind and Fire Well-Known Member
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    I say, “ lock them up” the whole draft dodging, thieving family. ;)
     
  6. Earth Wind and Fire

    Earth Wind and Fire Well-Known Member
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    Any trips to Florida in the future. The people could sure use a generous supply of paper towels from you great Oz. Of course when you get around to it, after you slow your campaign.
     
  7. Earth Wind and Fire

    Earth Wind and Fire Well-Known Member
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    Grifters
     
  8. Rob_BW

    Rob_BW Well-Known Member
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    If only. Home values around here have been as flat as the proverbial pancake for over a decade.
     
  9. InTheLight

    InTheLight Well-Known Member
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    Not only that but the story is mostly about the depreciation of business property and capital gains taxes related to business owned property, not personal income taxes.

    Sent from my Nexus 7 using Tapatalk
     
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  10. Rob_BW

    Rob_BW Well-Known Member
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    I have backwoods friends who take losses on hunting dog businesses, depreciate farm equipment, and etc. All without hiring a tax firm.

    These things aren't difficult, or restricted to the ultra wealthy.
     
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  11. InTheLight

    InTheLight Well-Known Member
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    Exactly. Neither is it a new strategy because of the Republican tax legislation.

    Sent from my Pixel 2 XL
     
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  12. FollowTheWay

    FollowTheWay Well-Known Member
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    The point is you and all non-corporate taxpayers can't deduct depreciation on your property like commercial real estate companies can. Kushner isn't claiming a $0 capital gain. He's reporting a net operating LOSS due largely to deducting depreciation.Once again you just don't understand the point.
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
    Kushner Companies, like many real estate firms, passes on any tax obligations to its owners, including Mr. Kushner and his father, who incorporate them into their personal tax returns.

    Unlike typical wage earners, the owners of such companies can report losses for tax purposes. When a firm like Kushner Companies reports expenses in excess of its income, the result is a “net operating loss.” That loss can wipe out any taxes that the company’s owner otherwise would owe. Depending on the size of the loss, it can even be used to get refunds for taxes paid in prior years or eliminate tax bills in future years.

    Mr. Kushner’s losses, stemming in large part from the depreciation deduction, appeared to wipe out his taxable income in most years covered by the documents.

    He is reporting the losses even though he bought his properties with borrowed funds. In many cases, Mr. Kushner kicked in less than 1 percent of the purchase price, according to the documents. Even that small amount generally was paid for with loans. Mr. Kushner’s credit lines from banks rose to $46 million in 2016 from zero in 2009, the documents show.

    The result: Mr. Kushner is getting tax-reducing losses for spending someone else’s money, which is permitted under the tax code. Depreciation deductions are available in other industries, but they generally don’t get to take losses related to spending with borrowed money.
     
  13. FollowTheWay

    FollowTheWay Well-Known Member
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    I speaking out against the super-rich, the 0.1% no matter what party. They are the real enemies of the average American.
     
  14. Rob_BW

    Rob_BW Well-Known Member
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    Why? Please cite what law prevents this?
     
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  15. FollowTheWay

    FollowTheWay Well-Known Member
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    The U.S. IRS tax law I assume.
     
  16. Salty

    Salty 20,000 Posts Club
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    Oh, you mean the ones who own businesses that employ thousands of workers - as well as all the major purchases they make which means income for others.
     
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  17. Rob_BW

    Rob_BW Well-Known Member
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    So will you be retracting your statement, or furnishing us with the facts underlying your assumption?

    :Roflmao
     
  18. TCassidy

    TCassidy Late-Administator Emeritus
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    One of the most important things to know about posting on any internet forum is #1 Know your Friends, #2 Know your Enemies, #3 Know the Difference.

    I was defending you. You were asked for the IRS Code that supported your assertion. I posted it in Post #11. The rest was fallout from that post.
    Again, see Post #11.
     
  19. Revmitchell

    Revmitchell Well-Known Member
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    Good for him.
     
  20. InTheLight

    InTheLight Well-Known Member
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    (looks at thread title)

    I thought the point was that Kushner didn't pay any personal income taxes.

    As can any owner of a corporation that is a pass-through entity, like S-Corps and LLC's.

    Typical wage earners who are stock holders in an S-Corp or an LLC can report that companies losses on their personal tax returns. They don't need to be real estate tycoons.

    No. They are not "Mr. Kushner's losses." They are the real estate company's losses. The losses don't wipe out his taxable income, however they could reduce his tax liability, possibly even to zero. Da-Dah-DUH!!!


    Gosh, one would get the idea that the tax code was written in such a way so as to encourage entrepreneurship, risk taking, and creating businesses, thereby creating more jobs!


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