New York prosecutors have evidence that Allen Weisselberg's son also avoided taxes by living rent-free in Trump's apartment, report says [LOL]

The Business Insider via msn ^ | 09 Aug 2021 | Thomas Colton

[mass55th]

Meanwhile, back in 2009, nothing ever happened to Rahm Emanuel for living in Rosa DeLauro's basement rent-free for five years. The house was not zoned as a rental property either. His disclosure forms never recorded his lodgings as a gift.

Emanuel lodging stirs up debate

[BiglyCommentary]

So are they going to go after couch surfers among the under 30 year olds in NYC next?

Or do not qualify for super cheap rent controlled housing.

[mass55th]

"Well, let’s see. Seems Michele Obama’s mother stayed for eight years in the White House..."

Hillary's mother moved into the White House after her husband died in 1993, and traveled regularly overseas with her daughter.

[FreeperCell]

All of them.

[pepsionice]

Aren’t there like 8-million Americans living rent-free presently, with the eviction ‘gimmick’ in place?

[mikey_hates_everything]

"Allen Weisselberg's son also avoided taxes by living rent-free"

Tax avoidance is not illegal. Tax evasion is.

[Sacajaweau]

I’m trying to figure out what is illegal? It appears they’re making it up. If he didn’t pay a dime....so what.

[knarf]

This article is purposefully designed to attack critical thinking skills

[USAF1985]

“That’s not illegal”

Exactly right. In my opinion, everyone should be avoiding taxes whenever possible…just not evading.

[xzins]

The us military houses every single member and none of it is reported as income

[outpostinmass2]

I have a tenant living rent free. Millions of tenants are living rent free right now.

[outpostinmass2]

$1

[zeestephen]

Thanks for the gift tax update.

I assumed New York state and NYC have at least one version of every tax ever invented!

[MD Expat in PA]

There is a difference between a company owning an apartment that is used by employees (note the plural) temporarily (note temporarily) when traveling (note traveling) from one corporate location to another and providing a company owned apartment rent free as a residence to a specific employee, either as a primary or secondary residence in lieu of paying wages.

The former is typically excludable from the employees’ income while that latter, with a few very specific exceptions, is a taxable fringe benefit in which the fair market value of rent must be added to the employee’s W2 income with all applicable taxes (federal, state and local) withheld and is also subject to the employers share of Social Security and Medicare tax.

https://www.thebalancesmb.com/when-is-employee-housing-taxable-to-the-employee-4158182

Go to 17 - Lodging on Your Business Premises.

https://www.irs.gov/pub/irs-pdf/p15b.pdf

[MD Expat in PA]

How can he pay taxes on rent he didn’t pay?

It is imputed income because it is being provided by the employer. The fair market value is taxable income to the employee, subject to W2 reporting and tax withholding and also employer's share of SS and Medicare taxes.

[MD Expat in PA]

An employer may only provide tax free “gifts” only under certain circumstances.

https://www.irs.gov/government-entities/federal-state-local-governments/de-minimis-fringe-benefits

The employer/employee relationship does not apply to the gift tax exclusion, the gift tax is BTW levied on the giver not the recipient.

https://www.cpa-wfy.com/giving-gifts-to-employees-irs-wants-its-share/

[rolling_stone]

thanks i didnt know he was an employee