The Sheer Stupidity Of Trump's MAGA Real Estate Math: Trump's defense team is trying to make the case that differences in a property value is simply differences of opinion, trump has...

woodguru

Trump's defense team is trying to make the case that differences in a property value is simply differences of opinion, trump has always maintained that his properties are worth whatever magical number he chooses to assign to them, just as his business empire is worth however many billions he says it is.

So here is the reality of property value, if you are trying to sell a property for say $25 million and it isn't selling at your asking price the reality is that it is not even worth the $25 million you believe it should be worth. So if some fool that can't get $25 million pulls an inflated number such as $100+ million out of their butt that is four times as much and makes a claim to banks or other entities for purposes of trying to prove out inflated worth...this is fraud, it is a criminal level of deception.

https://www.rawstory.com/trump-org-fraud/?cx_testId=4&cx_testVariant=cx_undefined&cx_artPos=0&cx_experienceId=EXC93HV4HK4I#cxrecs_s

youngwilliam Loc: Deep in the heart

woodguru wrote:

Trump's defense team is trying to make the case th... (show quote)

BS, the bank will appraise the value before loaning money. I can put what ever value I want on my property, no law against it.

Carol Kelly

woodguru wrote:

Trump's defense team is trying to make the case th... (show quote)

Your sheer stupidity makes my head spin.

woodguru

Carol Kelly wrote:

Your sheer stupidity makes my head spin.

Are you calling me stupid? Keep it civil, I was posting about MAGA math, can't sell a piece of property for $25 million so it must be worth $100 million? You are the one that supports this kind of nonsense.

You can't as trump believes make property worth more because it's worth whatever he believes it is.

woodguru

youngwilliam wrote:

BS, the bank will appraise the value before loaning money. I can put what ever value I want on my property, no law against it.

Actually there is, the disclosures at the end that you are signing that state in black and white that falsifying financial statements is a felony...otherwise known as fraud.

Strycker Loc: The middle of somewhere else.

woodguru wrote:

Trump's defense team is trying to make the case th... (show quote)

I once owned a property that was listed for 68K for over a year and I couldn't sell it. Against my real estate agents advice, I raised the asking price to 98K and sold it in two weeks. Value is opinion.

Years ago I had photographs on sale at an arts festival for $25 each. Sold none. On the last day I marked them all up to $125 each. 5X the asking price and nearly sold out. Value is opinion.

manning5M

Strycker wrote:

I once owned a property that was listed for 68K for over a year and I couldn't sell it. Against my real estate agents advice, I raised the asking price to 98K and sold it in two weeks. Value is opinion.

Years ago I had photographs on sale at an arts festival for $25 each. Sold none. On the last day I marked them all up to $125 each. 5X the asking price and nearly sold out. Value is opinion.

Indeed value is an opinion!

Jlw Loc: Wisconsin

woodguru wrote:

Are you calling me stupid? Keep it civil, I was posting about MAGA math, can't sell a piece of property for $25 million so it must be worth $100 million? You are the one that supports this kind of nonsense.

You can't as trump believes make property worth more because it's worth whatever he believes it is.

One person that I used to work for had a house with 20 acres and was trying to sell it for two years and very very few people interested. After two years he raised the price by another 100,000$ and then sold in a week

crazylibertarian Loc: Florida by way of New York & Rhode Island

woodguru wrote:

Actually there is, the disclosures at the end that you are signing that state in black and white that falsifying financial statements is a felony...otherwise known as fraud.

Then anyone who makes an error is potentially open to fraud accusation. You are likely wrong.

permafrost Loc: Minnesota

crazylibertarian wrote:

Then anyone who makes an error is potentially open to fraud accusation. You are likely wrong.

IRS will ask what you based your valuation on.. your answer will determine the following steps and charges if any..

It maybe that value of similar properties in the area are all you need and you can skate..

Or if they feel it was intended to deceive, they can and may go on with charges.. Of course fines, interest are nearly always in the process..

Strycker Loc: The middle of somewhere else.

permafrost wrote:

IRS will ask what you based your valuation on.. your answer will determine the following steps and charges if any..

It maybe that value of similar properties in the area are all you need and you can skate..

Or if they feel it was intended to deceive, they can and may go on with charges.. Of course fines, interest are nearly always in the process..

It is not that simple. With the IRS it is always a negotiation where they hold all the cards. You want to pay the lowest amount legally possible and the IRS wants to collect as much as they possibly can. A negotiation where you have to prove your innocence or they will conclude your guilt. The problem is the one you are negotiating with is the prosecutor, judge, jury and executioner. The only way you can win is to try to you use their ignorance of their own convoluted rules against them.

manning5M

Strycker wrote:

It is not that simple. With the IRS it is always a negotiation where they hold all the cards. You want to pay the lowest amount legally possible and the IRS wants to collect as much as they possibly can. A negotiation where you have to prove your innocence or they will conclude your guilt. The problem is the one you are negotiating with is the prosecutor, judge, jury and executioner. The only way you can win is to try to you use their ignorance of their own convoluted rules against them.

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Thus, you need sharp, experienced lawyers at great expense. You lose regardless, it is just a matter of how much.

permafrost Loc: Minnesota

Strycker wrote:

It is not that simple. With the IRS it is always a negotiation where they hold all the cards. You want to pay the lowest amount legally possible and the IRS wants to collect as much as they possibly can. A negotiation where you have to prove your innocence or they will conclude your guilt. The problem is the one you are negotiating with is the prosecutor, judge, jury and executioner. The only way you can win is to try to you use their ignorance of their own convoluted rules against them.

I can agree with all that. the first time I had to meet with the IRS was very minor, but I was overwhelmed, nerves and worried.. As it turned out, I had deducted a theft but had not involved the police.. a no-no I should have known... the agent, removed my figure, looked over the rest of my return, made a few changes which I should have included and the result was no change at all in my tax bill..

One of the very last times I did my own taxes.. A lesson learned..