What they're looking for, as far as I've read, is to see if he's claiming a high valuation on his properties for when he tries to use them as loan collateral, then turning around and claiming a low valuation for tax purposes, which they're saying would be fraud, either against the government or the lenders, especially if he's showing different numbers for the revenue on the properties.
We don’t pay income tax on properties, we pay property tax and those taxes are assessed.
That leaves valuation for collateral purposes which are subjective and that’s why lenders have 3rd party appraisers.
So I agree with Trump, this is a fishing expedition and as I posted more than a year ago, this is NOT about real estate. This is about doxxing Trump partners who will be revealed in the returns and who will then be targeted.
These people need to be stopped and made an example of.
Again, I find this a bit difficult to believe too. No bank is going to loan money of that magnitude without having the property appraised. My wife worked for Citibank years ago when they go screwed on the Trump Shuttle. It was the bank’s fault, not Trumps.
Valuation for tax purposes is tied to GAAP accounting rules. Depreciation differs between book and tax but the “value” of an asset for tax purposes is its cost. There are very few ways left to maneuver the tax code. That’s why it’s as friggin large as it is. And why I have a job!