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Still Unable to Post Bond, Trump Has Most Crazed Meltdown Yet (newrepublic.com)

submitted 7 months ago by MicroWave@lemmy.world to c/politics@lemmy.world

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Donald Trump has no idea how to post bond in the fraud trial—and he’s absolutely losing it.

In just shy of a week, Donald Trump’s $454 million judgment from his New York bank fraud trial will become collectible, either by way of liquid cash or financial assets—and it has officially sent Trump into meltdown mode.

The notoriously sleep-deprived GOP presidential nominee spent the better part of Monday night shouting into the void about the massive, half-billion-dollar judgment and his apparent inability to pay it off, bemoaning being required to follow the law before being allowed to appeal the case.

“I would be forced to mortgage or sell Great Assets, perhaps at Fire Sale prices, and if and when I win the Appeal, they would be gone. Does that make sense? WITCH HUNT. ELECTION INTERFERENCE!” Trump posted Tuesday morning.

“I shouldn’t have to put up any money, being forced by the Corrupt Judge and AG, until the end of the appeal. That’s the way system works!” he added, forgetting that he’s being held to the same standards as every private citizen.

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[-] jazzup@lemm.ee 2 points 7 months ago

Your explanation is wrong.

Here is an explanation of capital gains directly from the IRS:

https://www.irs.gov/taxtopics/tc409

[-] givesomefucks@lemmy.world -5 points 7 months ago

The confusion is you think it's a "gain" only if sold for more than you paid, which isn't true.

When you sell a capital asset, the difference between the adjusted basis in the asset and the amount you realized from the sale is a capital gain or a capital loss. Generally, an asset's basis is its cost to the owner, but if you received the asset as a gift or inheritance, refer to Publication 551, Basis of Assets for information about your basis. You have a capital gain if you sell the asset for more than your adjusted basis. You have a capital loss if you sell the asset for less than your adjusted basis. Losses from the sale of personal-use property, such as your home or car, aren't tax deductible.

And having a loan doesn't negate gains. It's two separate things. Which is why this situation for trump is so crazy and his taxable income can balloon so much despite trump not getting any money.

I don't think explaining more would help, but since you bothered to provide a link. I took the time to show you where you were confused.

[-] jazzup@lemm.ee 9 points 7 months ago

It seems the confusion is that you think whatever the total amount the item sells for is a “gain.” A gain is the profit - the difference between what you sell the asset for and your cost basis in the asset.

In your car example, the cost basis is 50000. If you then sell it for 10000, you then have a capital loss of 40000. You don’t pay taxes on the 10000 because it is not earned income and it is not a gain - it’s part of your original capital. And you obviously don’t pay taxes on the 40k loss. And since it is a car, you can’t even deduct the loss.

If you sell the car for 55000, then you have a gain of 5000 (the difference between your cost basis of 50000 and what you sold it for). You are taxed on the capital gain of 5000, not on the entire 55000.

this post was submitted on 19 Mar 2024

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