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| The second debate | |
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| Tweet Topic Started: Oct 9 2016, 08:11 PM (546 Views) | |
| brumdog44 | Oct 10 2016, 02:36 PM Post #46 |
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The guy picked last in gym class
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Forgot about Hillary Clinton......can you tell me why anyone shouldn't have extremely negative feelings on Trump? |
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| rkl15 | Oct 10 2016, 03:30 PM Post #47 |
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All-Star
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A person's Net Worth has absolutely zero to do with their taxes. I deal with folks who are "Asset" rich, yet don't pay near what I do in Income taxes. And I don't have near the cash flow they have. Two months ago a farmer bought 80 acres for $18,000/acre. So he now has an asset worth $1,440,000.00. So he plants this tract in corn and yields 200 bushel per acre. So he has 16,000 bushel of corn that is selling today for December delivery at $3.27/bushel. So this farmer with a $1.4M asset will realize Gross Income of $52,320.00. Net Worth does not equal income. Also, the more "Depreciable" Assets a person has, the higher the deductions. Edited by rkl15, Oct 10 2016, 03:33 PM.
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| rkl15 | Oct 10 2016, 03:31 PM Post #48 |
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Forget about Donald Trump.....can you tell me why anyone shouldn't have extremely negative feelings on Hillary. Neither are good candidates... |
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| brumdog44 | Oct 10 2016, 06:32 PM Post #49 |
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No one on here has expressed any positive feelings about Hillary Clinton. No one has posted admiration about her. But to say that they are 'both as bad as the other' simply isn't true. Hillary Clinton is an incredibly unpopular candidate who is on pace to beat Donald Trump in a landslide. Ask yourself why that is. It sure has a hell of a lot about people voting against Donald Trump. |
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| brumdog44 | Oct 10 2016, 06:44 PM Post #50 |
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rkl -- you keep talking about depreciation as if that is some unknown topic. You made a statement that you still don't know if Donald Trump actually lost money when he showed a $916,000,000 loss in 1995. Your explanation of depreciation being a possible cause makes no sense when we are talking about close to $1 billion in losses. You keep declaring that there isn't anything in the tax returns that would tell you anything. THEN WHY NOT RELEASE THEM? Heck, even if you believe his lie about not releasing until they are out of auditing, then let's go by IRS practice: the IRS will audit up to the last three years and then may go back three more than that should an egregious error show up. So why would he not release tax returns prior to 2009? Clinton has 40+ years of tax returns available. Trump has none. Not tough to understand who wins on that front. |
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| Mr Gray | Oct 10 2016, 08:23 PM Post #51 |
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You beat me to it. I own a fleet of work vans worth about $200k. I will be able to use accelerated depreciation on them this year to show a $200k loss......but I still own $200k worth of trucks. My businesses are much much much smaller than trumps. |
![]() The body knows what fighters don't: how to protect itself. A neck can only twist so far. Twist it just a hair more and the body says, "Hey, I'll take it from here because you obviously don't know what you're doing... Lie down now, rest, and we'll talk about this when you regain your senses." It's called the knockout mechanism. | |
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| brumdog44 | Oct 10 2016, 10:23 PM Post #52 |
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accelerated depreciation would not mean that you are depreciating it over a potential of twenty years -- something that Trump does not deny. |
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| dreachon | Oct 10 2016, 10:35 PM Post #53 |
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Creative Title Here
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https://twitter.com/lachlan/status/785595392385687552 |
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| brumdog44 | Oct 10 2016, 10:43 PM Post #54 |
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Warren Buffett just owned Trump on his lies about him. http://www.nytimes.com/2016/10/11/business/buffett-calls-trumps-bluff-and-releases-his-tax-return.html?_r=0 |
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| dreachon | Oct 10 2016, 10:50 PM Post #55 |
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Creative Title Here
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Buffet is the man |
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| Mr Gray | Oct 11 2016, 07:21 AM Post #56 |
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Brum.......the accelerated part is mostly irrelevant. Even if I depreciated them over 5 or 20 years it doesn't change the fact that I'm taking a large depreciation loss while actually growing my net worth. And the loss can carry over for 100 years if I'm around to file taxes that long. Do you setiously not understand that? |
![]() The body knows what fighters don't: how to protect itself. A neck can only twist so far. Twist it just a hair more and the body says, "Hey, I'll take it from here because you obviously don't know what you're doing... Lie down now, rest, and we'll talk about this when you regain your senses." It's called the knockout mechanism. | |
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| brumdog44 | Oct 11 2016, 03:50 PM Post #57 |
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every single site I have read says that year's loss could have possibly allowed him to avoid paying federal taxes for three years prior and fifteen years past 1995. If you believe that is incorrect, link up sites showing differently. |
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| Mr Gray | Oct 11 2016, 09:30 PM Post #58 |
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What? Brum I'm giving you a chance here.....it's not a big deal if you don't understand business tax codes, but don't just make stuff up. Read up on business loss carry over. It does not expire until the loss has been exhausted. You apply the loss against future capital gains at a one to one ratio. It's very conceivable and even likely that trump hasn't exhausted that yet, meaning he hasn't made 900million in capital gains since then to fully offset the loss. |
![]() The body knows what fighters don't: how to protect itself. A neck can only twist so far. Twist it just a hair more and the body says, "Hey, I'll take it from here because you obviously don't know what you're doing... Lie down now, rest, and we'll talk about this when you regain your senses." It's called the knockout mechanism. | |
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| rkl15 | Oct 11 2016, 09:45 PM Post #59 |
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It can vary, but generally see Carryback 2 years and Carryforward 20 years. IRS NOL Rules |
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| brumdog44 | Oct 12 2016, 05:58 AM Post #60 |
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So I'm a liar? http://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html http://www.vanityfair.com/news/2016/10/donald-trump-federal-income-taxes I gave a simple request and stayed that everything I have read analyzing his 1995 tax returns said he could have avoided paying taxes three years prior to fifteen years after. I never accused you of doing that -- I simply asked for links disputing what I had read. I understand how depreciation works but don't know if there are upper limits to the amount you can claim, which is why I asked for links disputing what I read. That was met with you saying I was 'making stuff up', which clearly I was not. I posted two places where I read it, you can google it and find tons of other places. I don't appreciate the accusation that I was lieing when I simply asked for links that disputed what I read so that the conversation could be moved along. |
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