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Do you think the IRS will end up owing Trump money if they go back and examine 8 years of his federal tax returns ?
Statistically Trump could wind up with a tax windfall due to the business he operated and the number of legal write offs such businesses take.
- ?Lv 61 month ago
Donald J. Trump paid $750 in federal income taxes the year he won the ... in office. It does not include his personal returns for 2018 or 2019. ... By their very nature, the filings will leave many questions ... Mr. Garten also asserted that some of what the president owed was “paid with tax credits,” a misleading ...Source(s): https://vapedubai.store/
- LLv 52 months ago
Trump, as he was campaigning in 2015, pre-paid this tax liability by hundreds of thousands. He has no worries for quite some time.
- AmyLv 72 months ago
Considering that he already owes the IRS $73 million plus interest from ten years ago, I don't think it's possible for the following years to contain enough mistakes to tip the bottom line to his favor.
- Diane ALv 72 months ago
Highly doubtful, first they aren’t doing that but the odds that his army of accountants missed a deduction is zero.
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- StephenWeinsteinLv 72 months ago
First, even if they find something, they can only owe for the last few years; if something isn't found within three years of the original due date, then the IRS doesn't owe the person (although the person can still owe the IRS).
Second, since he paid almost no taxes, they couldn't owe very much, because they can't owe more than what he paid (the write-offs only reduce what a person owes or what the IRS keeps; they can't result in the person getting back more than they paid).
- STEVEN FLv 72 months ago
1. Refunds can only be claimed for 3 years after the due date of the return.
2. Donald Trump had accountants that know tax law well enough that if he over paid, it wasn't enough to qualify as a windfall.
Note to Trump haters: I did NOT say he overpaid.
- ?Lv 72 months ago
- 2 months ago
I would almost guarantee that every year of Trump's tax returns have been audited by an army of IRS agents who then did battle with an army of Enrolled Agents hired by Trump, and none of these people on either side would risk his career by doing or approving of something illegal.
- mercedesLv 72 months ago
We don't know what will turn up and unless it makes it to Tax Court will never know.
- Anonymous2 months ago
No. Prosecutors are investigating possible criminal activity, not performing a routine audit. Prosecutors can't issue overpayment refunds and even if they could, most of the years being investigated are beyond the time-frame where a refund could be issued.
The entire purpose of Trump's accountants is to bend the law as far as one can to pay the least amount of tax. But thanks to SCOTUS, we're going to see if the law was broken.
Your understanding of this situation is lacking.