{"id":532531,"date":"2022-12-30T00:29:15","date_gmt":"2022-12-29T21:29:15","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/what-to-look-for-in-trumps-tax-returns\/"},"modified":"2022-12-30T00:29:15","modified_gmt":"2022-12-29T21:29:15","slug":"what-to-look-for-in-trumps-tax-returns","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/what-to-look-for-in-trumps-tax-returns\/","title":{"rendered":"#What to look for in Trump\u2019s tax returns"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a28bb3481dcf\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a28bb3481dcf\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/what-to-look-for-in-trumps-tax-returns\/#What_to_look_for_in_Trumps_tax_returns\" >What to look for in Trump\u2019s tax returns<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/what-to-look-for-in-trumps-tax-returns\/#Were_Trumps_losses_refreshed_in_2020\" >Were Trump\u2019s losses refreshed in 2020?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/what-to-look-for-in-trumps-tax-returns\/#Information_on_foreign_entities_and_bank_accounts\" >Information on foreign entities and bank accounts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/what-to-look-for-in-trumps-tax-returns\/#The_profitability_breakdown_of_Trumps_companies\" >The profitability breakdown of Trump\u2019s companies<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"What_to_look_for_in_Trumps_tax_returns\"><\/span>What to look for in Trump\u2019s tax returns<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/df4e76aa624d4610be4c2d26a79b1702.jpg?w=900\" \/><\/p>\n<div>\n<p>Democrats released six years of former President Trump\u2019s tax return information last week as part of reports into the presidential audit program, revealing that the former president wasn\u2019t receiving regular audits from the IRS and that he was reporting big business losses every year.<\/p>\n<p>On Friday, Trump\u2019s actual tax returns from 2015 to 2020 are set to be released, after Democrats said they needed additional time to redact the documents and remove personal information.<\/p>\n<aside class=\"ad-unit ad-unit--mr1_ab\"><\/aside>\n<p>Tax experts aren\u2019t expecting huge revelations from the raw returns, which were summarized in reports from both the Democratic-controlled Ways and Means Committee and the nonpartisan Joint Committee on Taxation (JCT). But the more detailed documents could provide additional information on key areas of interest regarding Trump\u2019s businesses and his professional associations.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Were_Trumps_losses_refreshed_in_2020\"><\/span>Were Trump\u2019s losses refreshed in 2020?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The JCT report on Trump\u2019s taxes revealed that Trump was reporting large losses every year, usually in the tens of millions of dollars, offsetting his gains and reducing what he owed in taxes \u2014\u00a0and sometimes wiping out his tax liability altogether, as in 2020.<\/p>\n<p>The losses from 2015 to 2018 were actually just pieces of a larger $105 million loss, which was itself part of a $700 million loss that was broken up and reported over different years.<\/p>\n<p>These broken-up losses are common accounting strategies for people in the real estate development world, who are allowed to report regular depreciation expenses as losses.<\/p>\n<p>In 2019, Trump reported positive income and paid taxes, but then reported he was again in the red in 2020, leading some experts to think that Trump\u2019s losses in that year go beyond strategic accounting and represent genuinely ailing businesses.<\/p>\n<p>\u201cTrump\u2019s 2020 losses were not from net operating losses carried over. Rather, I think Trump\u2019s 2020 losses were real, largely resulting from business losses he suffered at the start of the COVID pandemic. And that is why he paid zero taxes in 2020,\u201d Steve Rosenthal of the Urban-Brookings Tax Policy Center wrote in an email to The Hill.<\/p>\n<aside class=\"ad-unit ad-unit--mr2_ab\"><\/aside>\n<p>\u201cYes, Trump generated a lot of losses in 2009, including a $700 million loss from his \u2018abandonment\u2019 of a partnership interest, some of which he carried over to future years. And Trump, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>arently, continued to carryover these losses through 2018. But, by 2019, Trump had used all his carryover losses \u2014 and Trump reported positive income,\u201d he wrote.<\/p>\n<p>More information on Trump\u2019s 2020 tax return could be a window into whether he got out of paying taxes that year due to common accounting practices or failing businesses.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Information_on_foreign_entities_and_bank_accounts\"><\/span>Information on foreign entities and bank accounts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Trump\u2019s foreign entanglements were one of the dominant narratives of his presidency, particularly the FBI investigation into his relationship with Russia.<\/p>\n<aside class=\"ad-unit ad-unit--mr3_ab\"><\/aside>\n<p>Any foreign bank accounts cited in Trump\u2019s tax returns or payments made to foreign entities are sure to receive scrutiny and could provide further insight into Trump\u2019s relationships abroad.<\/p>\n<p>\u201cI\u2019m going to be looking for things like foreign ownership, foreign accounts, foreign ownership of Trump businesses, payments to foreigners,\u201d Rosenthal said. \u201cThere\u2019s bound to be some items that may yet pop out to external reviewers that [the JCT] missed.\u201d<\/p>\n<p>\u201cThose of us who are interested in his relationship with Russia will be looking for any kind of confirmation of what Don [Trump] Jr. said in 2008 that Trump interests had received much of their money from Russian sources,\u201d former CIA officer and journalist Frank Snepp said in an interview.<\/p>\n<aside class=\"ad-unit ad-unit--mr4_ab\"><\/aside>\n<p>\u201cObviously we\u2019re not going to see in the tax returns a line that says \u2018Russian Assets,\u2019 but a forensic analyst would be well advised to look for anything related to the emoluments clause,\u201d he said.<\/p>\n<p>Trump also oversaw some major changes of the status quo in the Middle East, including the Abraham Accords, whereby Israel normalized relations with several Arab nations.<\/p>\n<p>\u201cEverybody who is interested in whether or not he received any money from Saudi Arabia will be looking for indications of that kind of foreign input,\u201d Snepp said.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_profitability_breakdown_of_Trumps_companies\"><\/span>The profitability breakdown of Trump\u2019s companies<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In addition to Trump\u2019s individual tax returns, Democrats on the Ways and Means Committee also obtained the returns for eight of Trump\u2019s businesses. While that\u2019s only a small subset of Trump\u2019s nearly 500 commercial entities, seeing which companies were most responsible for Trump\u2019s losses will provide a clearer picture of his tax avoidance and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> business practices.<\/p>\n<p>The eight business returns fall into three categories, encompassing trademark LLCs, golf club businesses and two high-level holding companies.<\/p>\n<p>\u201cThose two upper-tier entities sit at the top of Trump\u2019s LLC empire. The numbers all roll into those, and I\u2019d like to see some aggregate numbers there,\u201d Rosenthal said.<\/p>\n<p>According to the JCT report, an IRS agent assigned to Trump\u2019s 2018 business returns noted numerous suspicious losses claimed by Trump on his tax returns.<\/p>\n<p>\u201cWith respect to 2018, the agent noted several \u2018Large unusual questionable items\u2019 (\u2018LUQs\u2019) including a $12.1 million loss from the Trump Corporation \u2026 [and] $55.2 million loss for DJT Holdings,\u201d The JCT report said.<\/p>\n<p>The report also mentioned a \u201chistory of difficult negotiations between Mr. Trump\u2019s counsel and IRS personnel.\u201d<\/p>\n<aside class=\"ad-unit ad-unit--mr5_ab\"><\/aside>\n<p>Unlike his real estate businesses, Trump\u2019s trademark LLCs are expected to be profitable enterprises, bolstered by the publicity he gained during his reality television career on NBC\u2019s \u201cThe Apprentice.\u201d<\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/thehill.com\/policy\/finance\/3792117-what-to-look-for-in-trumps-tax-returns\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What to look for in Trump\u2019s tax returns Democrats released six years of former President Trump\u2019s tax return information last week as part of reports into the presidential audit program, revealing that the former president wasn\u2019t receiving regular audits from the IRS and that he was reporting big business losses every year. On Friday, Trump\u2019s&#8230;<\/p>\n","protected":false},"author":1,"featured_media":532532,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2022\/12\/df4e76aa624d4610be4c2d26a79b1702.jpg?w=1280","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[134344,4941,134447,90482,133498,124783,73434,71158,136055],"class_list":["post-532531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-administration","tag-donald-trump","tag-energy-and-environment","tag-house","tag-in-the-know","tag-international","tag-irs","tag-trump-organization","tag-trump-tax-returns"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/532531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=532531"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/532531\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/532532"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=532531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=532531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=532531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}