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I was somewhat bemused about all this fuss (and multiple tweets) about Trump moving his domicile to Florida.

Who cares?

Ah..it's a desperate move to avoid tax return exposure.

New York Gov. Andrew Cuomo on Friday revved up his attacks on President Donald Trump for changing his primary residency from New York to Florida, calling it a “desperate legal move” to avoid the release of his tax returns.

“The fight will continue, and I think it is a desperate legal move where he's now going to argue ‘Well the state should have no right to my taxes because I moved out, I'm a Florida resident,'" Cuomo said on MSNBC. “That's besides the point. When you filed your taxes, you were a New York resident. If you defrauded the state, you defrauded it when you are a New York state resident.”

Story Continued Below

Trump’s residency change, first reported by The New York Times, comes after a Manhattan district attorney subpoenaed eight years of his tax returns.

https://www.politico.com/news/2019/11/01/trump-jr-andrew-cuomo-good-riddance-063782

 

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25 minutes ago, El Boracho said:

I read somewhere it may be related to some bankruptcy law in Florida that prevents losing your home. Mar a Lago may be his last resort. Desperate times.

That's true and there is no income tax so no records to call up. 

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26 minutes ago, El Boracho said:

I read somewhere it may be related to some bankruptcy law in Florida that prevents losing your home. Mar a Lago may be his last resort. Desperate times.

You hit the nail on the head. Moving to Florida is exactly how OJ Simpson beat the Goldman lawsuit. Too bad he will be spending the rest of his life in jail, and get to see Melania blow through what's little left of his cash.

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30 minutes ago, El Boracho said:

I read somewhere it may be related to some bankruptcy law in Florida that prevents losing your home. Mar a Lago may be his last resort. Desperate times.

Article X of the FL Const. homestead exemption from creditors. 

Saw something in Forbes about Donzo Jr. and Eric selling off a bunch of the real estate portfolio as well. 

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21 minutes ago, Sol Rosenberg said:

Article X of the FL Const. homestead exemption from creditors. 

Saw something in Forbes about Donzo Jr. and Eric selling off a bunch of the real estate portfolio as well. 

Is that a single homestead claim, or a claim for each parcel you own?

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He may not be protected in florida against losing his home , As Mar a logo is a business not a homestead.also it was given to him form the federal government as they couldn't keep up with the expenses, so who's name is on the deed , ? Donald Trump or Trump enterprises ( corp/ LLC) ?

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14 minutes ago, garuda3 said:

He may not be protected in florida against losing his home , As Mar a logo is a business not a homestead.also it was given to him form the federal government as they couldn't keep up with the expenses, so who's name is on the deed , ? Donald Trump or Trump enterprises ( corp/ LLC) ?

That's a good point. 

though not quite right,,the feds returned it to the trust of the original owners. Trump stiffed them on it's sale,  by buying the strip between the house and the ocean, threatening to block the view and driving interest in the property and  the price down

from Wiki

In the early 1990s, Trump faced financial difficulties. While negotiating with his bankers, he promised to divide Mar-a-Lago into smaller properties, alarming Palm Beach residents; so the city council rejected his plan to do so. Trump instead turned the estate into a private club that—

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15 minutes ago, badlatitude said:

Is that a single homestead claim, or a claim for each parcel you own?

Florida has multiple homestead exemptions. Article X from creditors, Article VII from taxation. He will have trouble getting either for Mar a Lago, as Garuda notes. It is a business. There’s a case ruling that property owned by a corporation cannot receive Article VII homestead, so that’s out. Article X homestead requires ownership by a “natural person”, so that is out. Perhaps they plan a change of ownership structure.

Does that mean that a court case wouldn’t drag on for years on either issue?  Don’t bet on it. 

Recording a Dec of Domicile is almost bulletproof evidence of intent to establish a permanent residence in FL. Art VII homestead is based on intent to establish permanent residence. That means he’s working on some kind of homestead. 

Watch the NY property records to see if he gets the STAR exemption. If he dumps that, it’s because he really is trying to establish homestead here. FL doesn’t allow dual homestead claims. 

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28 minutes ago, garuda3 said:

He may not be protected in florida against losing his home , As Mar a logo is a business not a homestead.also it was given to him form the federal government as they couldn't keep up with the expenses, so who's name is on the deed , ? Donald Trump or Trump enterprises ( corp/ LLC) ?

Very good point. From the PBC PAO. 

6026FCB6-43C7-41BE-8E31-A839FDEDBEDC.jpeg

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57 minutes ago, badlatitude said:

You hit the nail on the head. Moving to Florida is exactly how OJ Simpson beat the Goldman lawsuit. Too bad he will be spending the rest of his life in jail, and get to see Melania blow through what's little left of his cash.

With the pool boy.

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48 minutes ago, badlatitude said:

Is that a single homestead claim, or a claim for each parcel you own?

You can only have one "Homestead"..... If you have habital properties other than your primary residence, you can not claim "homestead".

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54 minutes ago, Navig8tor said:

How can you tell when a plane load of New Yorkers touch down in Florida?

The jets shut down but the whine keeps on going!

Actually it's the miracle flight, 20+ wheel chairs at Islip wheeled to, but only 1 going off at PBI, as the rest healed during the flight

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6 hours ago, Saorsa said:
6 hours ago, Shortforbob said:

I was somewhat bemused about all this fuss (and multiple tweets) about Trump moving his domicile to Florida.

Who cares?

 

 

Apparently .... YOU!

Where's your outrage?

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3 hours ago, Sol Rosenberg said:

Recording a Dec of Domicile is almost bulletproof evidence of intent to establish a permanent residence in FL. Art VII homestead is based on intent to establish permanent residence. That means he’s working on some kind of homestead. 

Tell that to the twats at the Clay County board of Elections.

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4 minutes ago, B.J. Porter said:
3 hours ago, Sol Rosenberg said:

Recording a Dec of Domicile is almost bulletproof evidence of intent to establish a permanent residence in FL. Art VII homestead is based on intent to establish permanent residence. That means he’s working on some kind of homestead. 

Tell that to the twats at the Clay County board of Elections.

I was hoping we had a local election next week so I could drive up in person just to personally piss the Supervisor of Elections off.

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6 hours ago, Sol Rosenberg said:

Very good point. From the PBC PAO. 

6026FCB6-43C7-41BE-8E31-A839FDEDBEDC.jpeg

I've seen something like this, where the corp grants a "Life Estate" to a person on a house.  The corp gets some sort of benefit and the person gets the property tax homestead exemption and the benefit of Save Our Homes amendment (3% value increase annually).  My wife works for the property appraiser and says this is legal, especially after she looks at the paperwork and says since this particular attorney did it, it is ok. 

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Trump should be a Floridian. Stupid, drugfucked, a lying shyster pretending to be a lot richer than he is, old.

(With apologies to all the normal people in Florida. We know you exist in small numbers, you just don't make the headlines with stupid shit every week.)

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I have never liked Florida. No experience with the NY to FL migration... NY’ers in FL seem dreadful as depicted the movies.  But my dislike goes way back. By some stroke of bad luck, in grade school, I was assigned Florida as the state I was to do a report and oral presentation on. One of the worst experiences of my life. Second only to being baptized. Of all the states to be assigned. Only 24 kids in the class. Seemed no need to punish me with a report on inedible oranges, swamps and a penis-shaped map. Only been there once: Orlando for a conference....in August no less.

Seems a perfect place for Trump.

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2 hours ago, Fat Point Jack said:

I've seen something like this, where the corp grants a "Life Estate" to a person on a house.  The corp gets some sort of benefit and the person gets the property tax homestead exemption and the benefit of Save Our Homes amendment (3% value increase annually).  My wife works for the property appraiser and says this is legal, especially after she looks at the paperwork and says since this particular attorney did it, it is ok. 

I just looked at the property appraiser record.  The 1100 S Ocean Blvd is the whole club.  Only the part (condo, house or apt) he occupies would reap the advantages of the homestead exemption and Save Our Homes.

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12 hours ago, Sol Rosenberg said:

Another old fart from NY heading down to tell us all how things are done better in the place he left. What are the odds. Needs music  

 

Tag......you’re it

He’s  now the pride of Florida 

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26 minutes ago, Fat Point Jack said:

I just looked at the property appraiser record.  The 1100 S Ocean Blvd is the whole club.  Only the part (condo, house or apt) he occupies would reap the advantages of the homestead exemption and Save Our Homes.

I'm glad you and Sol saved me the trouble but does part of the property get a separate tax bill or separate treatment on the tax bill? I used to get three different treatments on our property: the swamp was taxed at almost nothing, the farm taxed pretty low, and the homestead, well, you know how that goes... Still all one piece and one bill.

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3 minutes ago, cmilliken said:

On the upside, as Bill Maher pointed out, the whole Trump presidency does make more sense if you begin with 'Florida Man Says..."

 

I still can't believe that this news hasn't generated any interest at all in this thread:

 

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1 hour ago, Fat Point Jack said:

I just looked at the property appraiser record.  The 1100 S Ocean Blvd is the whole club.  Only the part (condo, house or apt) he occupies would reap the advantages of the homestead exemption and Save Our Homes.

He has a couple of months to sort it out for 2020. They can certainly carve out the residence for exemption, but the ownership gets tricky. That’s a Prewitt issue. https://www.courtlistener.com/opinion/1663636/prewitt-management-corp-v-nikolits/

They have to carve out ownership, not just use. That could get dicey with club membership. 

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7 hours ago, B.J. Porter said:
10 hours ago, Sol Rosenberg said:

Recording a Dec of Domicile is almost bulletproof evidence of intent to establish a permanent residence in FL. Art VII homestead is based on intent to establish permanent residence. That means he’s working on some kind of homestead. 

Tell that to the twats at the Clay County board of Elections.

Quote

 

Q.  Who can register to vote?

A.  Anyone who is: 18 years or older (you may pre-register when you are 16 years old), a citizen of the United States, and a permanent resident of Clay County.

 

Did they make that rule or do they just enforce it?

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15 hours ago, Shortforbob said:

I was somewhat bemused about all this fuss (and multiple tweets) about Trump moving his domicile to Florida.

Just one more Florida Man to add to the population. 

A few days ago the local paper was covering the murder of a 15 year old boy who died protecting his 5 year old sister.  The mother and her remaining child had to move out of the apartment.  The landlord filed suit against the mother to cover the cost of repairing the damage the murderer caused and for the remaining time on the lease. 

Trump will fit right in.

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5 minutes ago, Jules said:

Just one more Florida Man to add to the population. 

A few days ago the local paper was covering the murder of a 15 year old boy who died protecting his 5 year old sister.  The mother and her remaining child had to move out of the apartment.  The landlord filed suit against the mother to cover the cost of repairing the damage the murderer caused and for the remaining time on the lease. 

Trump will fit right in.

probably Kush.

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3 hours ago, Fat Point Jack said:

I just looked at the property appraiser record.  The 1100 S Ocean Blvd is the whole club.  Only the part (condo, house or apt) he occupies would reap the advantages of the homestead exemption and Save Our Homes.

Homestead exemption just reduces the assessed value of the property by 25,000 on the first assessed 50,000.

I'm sure that any competent tax preparer would take advantage of it but financially it isn't a lot of money.  It is a greater benefit to folks with low value properties.  Mar-a-Lago, meh.

5 hours ago, El Boracho said:

I have never liked Florida. No experience with the NY to FL migration... NY’ers in FL seem dreadful as depicted the movies.  But my dislike goes way back. By some stroke of bad luck, in grade school, I was assigned Florida as the state I was to do a report and oral presentation on. One of the worst experiences of my life. Second only to being baptized. Of all the states to be assigned. Only 24 kids in the class. Seemed no need to punish me with a report on inedible oranges, swamps and a penis-shaped map. Only been there once: Orlando for a conference....in August no less.

Seems a perfect place for Trump.

If that was my total FL experience I'd have an irrational hate for it too.

 

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39 minutes ago, Saorsa said:

Homestead exemption just reduces the assessed value of the property by 25,000 on the first assessed 50,000.

I'm sure that any competent tax preparer would take advantage of it but financially it isn't a lot of money.  It is a greater benefit to folks with low value properties.  Mar-a-Lago, meh.

If that was my total FL experience I'd have an irrational hate for it too.

 

Trump seems to fight for every last penny and probably wants to vote against Dave Aronberg.

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Today's paper had an article on this titled, #FloridaMan?"

In the article Trump's tax accountant, Barry Horowitz, who has handled many change of residences for Trump, said, "It's 100 percent he'll get audited," referring to the State of New York auditing Trump to make sure this move isn't just a scam.

No doubt Trump will fight them in that arena, too.  His tax returns must be really damning!

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15 minutes ago, Jules said:

Today's paper had an article on this titled, #FloridaMan?"

In the article Trump's tax accountant, Barry Horowitz, who has handled many change of residences for Trump, said, "It's 100 percent he'll get audited," referring to the State of New York auditing Trump to make sure this move isn't just a scam.

No doubt Trump will fight them in that arena, too.  His tax returns must be really damning!

Or complex and subject to wild misinterpretation.  At the level of cash flow in his various enterprises I'd be pretty sure he is audited continuously.

Little things like assessed value vs market value vs cost basis vs depreciated value.  Which one is the lie?

 

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17 minutes ago, Saorsa said:

Or complex and subject to wild misinterpretation. by Trump and his accountants  At the level of cash flow in his various enterprises I'd be pretty sure he is audited continuously.

Little things like assessed value vs market value vs cost basis vs depreciated value.  Which one is the lie?

 

 

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24 minutes ago, Saorsa said:

Or complex and subject to wild misinterpretation. 

I'm sure the folks at the New York tax revenue department have seen pretty much everything. 

While Trump's lawyers and accountants have done a marvelous job keeping him out of jail, it's unlikely he would survive a close scrutiny of his tax returns.  

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1 hour ago, Saorsa said:

Or complex and subject to wild misinterpretation.  At the level of cash flow in his various enterprises I'd be pretty sure he is audited continuously.

Little things like assessed value vs market value vs cost basis vs depreciated value.  Which one is the lie?

 

The “levels of cash flow” you refer to typically involve money laundering.  Additionally, if you tell lenders one thing and the government another it’s illegal.  Didn’t one of Trump’s finest go to jail for that?

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2 hours ago, Saorsa said:

Or complex and subject to wild misinterpretation.  At the level of cash flow in his various enterprises I'd be pretty sure he is audited continuously.

Little things like assessed value vs market value vs cost basis vs depreciated value.  Which one is the lie?

 

In Trump's case?

All of the above.

Everything about him, past and present is a lie.

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4 hours ago, Swimsailor said:

The “levels of cash flow” you refer to typically involve money laundering.  Additionally, if you tell lenders one thing and the government another it’s illegal.  Didn’t one of Trump’s finest go to jail for that?

Nope.  Little things like assessed value vs market value vs cost basis vs depreciated value.  Which one is the lie?

I'll use a very, very simple approach.  If you ever get to the point where you need to apply for a first or second mortgage or accout for a rental property it will get more complicated.

Lets say you bought a property to rent and paid $100,000 for it. 

Market Value

That would be the market price on the date of purchase. After one year a real estate agent says the market has risen 5% and the new market value would be $105,000.

Assessed Value

Ad Valorem tax assessments vary by community so for this case the purchase price would be used and it would be $100,000

During the first year taxes are held at the same rate by the assessment is increased.  Lets say 3%.  The New assessed value would be $103,000.

Cost Basis and Depreciated Value

Your cost basis is the amount paid for the house plus any expenses involved in buying it.  It could be $110,000 but that won't change.  There is another one called 'Cost Basis for Depreciation' that you will need to account for the rental property.

You can't depreciate the land so you have to separate the land from the building.  Let's say the land was worth $30,000.  Your cost basis for depreciation would be $80,000.  In the year placed in service you begin claiming depreciation expenses and the depreciated basis is reduced by the expense.  There is a 110 page IRS publication 946 for depreciation.  Each page has at least one link to a worksheet, schedule, form or supporting publication so I won't go into it here.

It is easy and necessary for various documents to ascribe different values to the same object and they don't "typically involve money laundering".

 

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Just now, Swimsailor said:

We ain't talking simple accounting.  If young haven't read this, you should...

https://www.nytimes.com/interactive/2018/10/02/us/politics/donald-trump-tax-schemes-fred-trump.html

But you probably did more research on this than the NYT.

The NYT is behind a paywall and has a prior history of reporting fiction as fact.

 

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9 minutes ago, Saorsa said:

The NYT is behind a paywall and has a prior history of reporting fiction as fact.

 

10 free articles a month.  Regardless the US attorney in Manhattan seems to think they have something worth looking into.  Trump seems to think the same.  For some reason he keeps acting like he has something to hide.  Weird.

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11 minutes ago, Swimsailor said:

10 free articles a month.  Regardless the US attorney in Manhattan seems to think they have something worth looking into.  Trump seems to think the same.  For some reason he keeps acting like he has something to hide.  Weird.

He only acts like he has something to hide so that eveyone thinks he has something to hide, when in fact, he has nothing to hide, but just wants people to think he has something to hide when he doesn't...... Or something like that.....

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13 hours ago, Cal20sailor said:

That's exactly what their 117 Pulitzers talk about when they are alone.  

The Pulitzer family obviously hates the Trump family.  So unfair!

3 hours ago, Saorsa said:

On the bright side, maybe a lot of our local New Yorkers will move back up to the snow.

The Sun reported that last year, 63,000 New Yorkers moved to Florida.  

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He really ought to consider Montana.

 

 

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Or a mental toss flycoon....

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  • 1 year later...

I can certainly understand the quandary posed by trans individuals competing with cis competitors. 

But, the last bit in this post is absolutely about humiliating children.

174617077_10226415565593686_4208106484583592133_n.jpeg

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4 minutes ago, LenP said:

But showing a card that states you are vaccinated is an unacceptable invasion of privacy. Some of this stuff really makes me want to leave the country. 

Your country needs people like you. Encourage Republicans and Florida Fuckwits to move to Somalia.

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3 minutes ago, Ishmael said:

Your country needs people like you. Encourage Republicans and Florida Fuckwits to move to Somalia.

Why? They brought Somalia to Florida!

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On 4/15/2021 at 2:01 PM, LenP said:

But showing a card that states you are vaccinated is an unacceptable invasion of privacy. Some of this stuff really makes me want to leave the country. 

Florida is passing a law , as we speak, that high school /college athlete's must show their balls/pussies , it's that an invasion of privacy?

I heard Matt Gaetz will do the inspections?

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12 minutes ago, Not for nothing said:

Florida is passing a law , as we speak, that high school /college athlete's must show their balls/pussies , it's that an invasion of privacy?

I heard Matt Gaetz will do the inspections?

As long as it leads to naked sports, I'm good with it.

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19 hours ago, Not for nothing said:

Florida is passing a law , as we speak, that high school /college athlete's must show their balls/pussies , it's that an invasion of privacy?

I heard Matt Gaetz will do the inspections?

At least half of them.

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4 hours ago, Sol Rosenberg said:

173988420_1947258952107218_3499074305408

yes and no , at least the east river is clean enough to swim in, St Lucie river isn't

STUART, Fla. — A rainy week is expected in South Florida, and that's making some advocates for clean water nervous.

Bright green algae blooms are already popping up in Lake Okeechobee and more rain elevates the risk for freshwater releases into the St. Lucie Estuary.

SPECIAL COVERAGE: Protecting Paradise

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