General Discussion

fescuerescue

(4,475 posts)

79. You are referring to Hobby loss rules

Wed May 8, 2019, 11:36 PM

May 2019

I happen to know a few things about tax law. If many years of losses were a legal problem, we wouldn't have Amazon, Yahoo, Netflix, Uber, and could go on and on.

Yes if my basket weaving business loses money 3 out of 5 years, I'm going to have a tax problem. But that's a presumption, one that can be challenged.

Read IRS Publication 535 if would like to know more.

Bottom line is that Trump might have a PR problem, but not a legal one for losing money. Besides. the IRS actually DOES read his tax returns, and it's clear he's not in jail.

But maybe I'm very wrong and the IRS will wake up realize the error of their ways and shutdown Trump, along with half of Silicon valley.

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tRump lost 1 BILLION $$$$$$ [View all] BigmanPigman May 2019 OP

Hmm, so he was just trying to hide what a bad businessman he was? marylandblue May 2019 #1

Or the losses were the way he avoided paying taxes malaise May 2019 #2

Yep. There's probably a ton of money-laundering and other illegalities involved, too. GoCubsGo May 2019 #5

Could be, also explains the audits. marylandblue May 2019 #7

And they said he showed the biggest loss of any Laura PourMeADrink May 2019 #49

IRS doesn't care if you lose money fescuerescue May 2019 #58

Ha. The biggest taxpayer loss.. twice any other person for years? You are very wrong Laura PourMeADrink May 2019 #76

You are referring to Hobby loss rules fescuerescue May 2019 #79

Bingo! We have a winner! TomSlick May 2019 #38

re:"The only question in my mind is why would anyone with...skeletons run for President..." thesquanderer May 2019 #40

I think you are correct but it was a terrible risk to run. TomSlick May 2019 #42

Once he saw he might actually win, his ego took over. thesquanderer May 2019 #46

I am still convinced that he ran for President and did everything to win malaise May 2019 #45

There is ample evidence to support your belief. TomSlick May 2019 #47

He became obsessed with showing that black man malaise May 2019 #50

Please God! TomSlick May 2019 #54

Rachel is on this now malaise May 2019 #55

I'm running behind. TomSlick May 2019 #57

Indeed, especially following the WHCD where he roasted the dotard Thekaspervote May 2019 #68

Oh I hope he feels our laughter and disdain. nolabear May 2019 #3

Oh, I thought you said he lost 1 billion "doll hairs" ProudLib72 May 2019 #4

"Proves Donald Trump is a criminal level tax cheat." Duppers May 2019 #6

Like Tax Evasion? HipChick May 2019 #8

I posted it here because of your request from the other thread. BigmanPigman May 2019 #25

Aww, thanks! Duppers May 2019 #34

Make that six bankruptcies... Totally Tunsie May 2019 #33

Sounds like the underpinnings of Ponzi-like schemes right there. Lose big bucks $. MFGsunny May 2019 #9

Will they find money laundering proof? Funtatlaguy May 2019 #12

Maybe the 1989 $53m in interest, when he didn't own enough stuff to generate it (n/t) thesquanderer May 2019 #43

You forgot the blackmailed part.... pangaia May 2019 #23

When was it that no one in NYC would lend to him? Laura PourMeADrink May 2019 #48

The Russians were GIVING him money FakeNoose May 2019 #62

You just nailed it! BigmanPigman May 2019 #69

My question here is bluestarone May 2019 #10

Agree! nt Duppers May 2019 #36

IRS couldn't care less if you lose money fescuerescue May 2019 #59

Just a build up to the billions he's lost of our money in the last two years. marble falls May 2019 #11

trillions when you count the future-forward grift government-wide, plus those tax cuts for the Celerity May 2019 #17

Like Everett Dirksen once said, a "billion here and a billion there, pretty soon you're talking ... marble falls May 2019 #61

+1 Celerity May 2019 #77

Global criminal money laundering empire, head by the Zircon Don and Ivanka Celerity May 2019 #13

Uh... that makes him smart? tinrobot May 2019 #14

He has graduated to wrecking countries. Nt BootinUp May 2019 #15

+10000 Celerity May 2019 #18

+1 uponit7771 May 2019 #31

But The Cultist Trumpanista's Will Applaud Trump For His Ability To Use The System..... global1 May 2019 #16

time for the Iran bombing to commence mnmoderatedem May 2019 #19

brought to you by Mad Bomber Bolton Celerity May 2019 #20

tRump is in the 1%. 1% of all losses reported to the IRS in 1991 came from him. ffr May 2019 #21

He hosted the wrong reality show. It should have been The Biggest Loser. (n/t) thesquanderer May 2019 #44

Actually if he loses money every year fescuerescue May 2019 #60

Dirty Diaper Donnie did a bad, bad thing... Blue Owl May 2019 #22

U.S. Treasury's public debt now stands at over $22T. Who'd of thunk! ffr May 2019 #24

If dems wins in 2020 that's all we will hear about is deficits. Pepsidog May 2019 #28

And morons on the right see that as a badge of honor. See what a great businessman he is by Pepsidog May 2019 #26

& that was decades ago, just think how much deeper in the hole he is now & how much yaesu May 2019 #27

Good point. BigmanPigman May 2019 #32

How do you lose a BILLION DOLLARS and call yourself a GREAT BUSINESSMAN????? Pachamama May 2019 #29

If it shows how much he lost how much money did he say he had? blueinredohio May 2019 #30

Someone posted recently that a Wall Street type that knows him said "it's all debt" A HERETIC I AM May 2019 #35

Yeah I think it's pretty obvious at this point. underpants May 2019 #39

Yup. He wore out his welcome at the New York banks long ago....... A HERETIC I AM May 2019 #53

Flying Pigs? Yes, flying pigs thanks to Pink Floyd BigmanPigman May 2019 #63

Great explanation. He used to extol the use of Ilsa May 2019 #64

Art Of The Deal DallasNE May 2019 #37

I just want him gone ASAP. nt ecstatic May 2019 #41

He doesn't care. It wasn't WhiteTara May 2019 #51

And so... Blend Russia and Putin into this for the full picture NRaleighLiberal May 2019 #52

I remember that pretty well. Was covered extensively in the media fescuerescue May 2019 #56

And now you know why Trump won't release his returns jmowreader May 2019 #65

He's such a LOSER! NurseJackie May 2019 #66

Diaper Donnie, the Debt-Ridden Dotard of Doucheville Blue Owl May 2019 #67

Bravo for the the alliteration. BigmanPigman May 2019 #72

The greatest slumlord thenelm1 May 2019 #70

Selling fries and burgers is legal so he would NOT do that. BigmanPigman May 2019 #73

You're probably right. thenelm1 May 2019 #74

Just like not wanting the Russian hookers tape to come out because his little peepee doesn't work... Still In Wisconsin May 2019 #71

"his little peepee doesn't work..." thenelm1 May 2019 #75

And that was before he tied up with the Russians... kentuck May 2019 #78