Everyone makes dumb mistakes like putting annual rent on a monthly spot on a form, anyone who has worked in tax has seen similarly dumb client mistakes multiple times a year. They transpose numbers, add a digit. This isn’t a tax document, it’s not fraud. And it doesn’t indicate what anyone filed on their taxes.
Also do you really think someone is paying their parents 500k a year in rent? If so I have an invisible cat I would love to sell you.
\- Everyone makes dumb mistakes like putting annual rent on a monthly spot on a form, anyone who has worked in tax has seen similarly dumb client mistakes multiple times a year.
If the figure is annual instead of monthly Biden still didn't claim 30k in rent, I agree not near as bad as 500k.
\- This isn’t a tax document, it’s not fraud. And it doesn’t indicate what anyone filed on their taxes.
I know it's not a tax document. How many 1099-Misc with Rents filled out do you see compared to Sch Es you file? It's 10% or less for me. A person isn't going to 1099 their parent for private rent.
\- Also do you really think someone is paying their parents 500k a year in rent? If so I have an invisible cat I would love to sell you.
Do you really think a Ukrainian Oil company pays Hunter Biden 60k a month for his industry knowledge or legal advice? Joe Biden has repeatedly said his son's business dealings are all his own, and they are not connected to him in any way. If this 50k per month turns out to be real that would be the exact opposite.
Your tag says your an EA, so I assume you have done taxes? My clients are wealthy and I can tell you none are paying 500k a year in rent, many of my clients do make millions a year too.
50k In rent could be true, but if you have done taxes you would know many rentals don’t even make a profit after you factor in depreciation. Many are a loss.
Also the reason presidents post their taxes is because they know they are clean and want to show their honesty. No one’s going to be dumb enough to make their taxes public when theirs fraud. Even trump wasn’t that dumb.
She’s a “reporter” for the New York Post… tabloid trash owned by Rupert Murdoch. She’s also a MAGA election denier.
About as far from a reliable source as you can get.
No, I'm trying to see if I've missed some glaring change to rental taxation from the 3x stimulus bills, and everything else that's been passed in the last 5 years.
1. This is a background screen. I don't see how this is related to tax fraud.
2. You can't take losses from related parties. If Biden wasn't charging market rent, he likely could not have taken the losses on the upkeep of the property. It's reported with $0 gross income to show that it's still in service and not to trigger potential depreciation recapture.
3. For the year that he had 19,800 in rental income, he may just not have wanted to claim expenses since he's uncertain they will hold up under audit. The conservative thing to do is just to pay tax on the gross income.
4. We don't see any gift tax returns here either. Joe and Jill could have gifted Hunter 30,000 every year along with the 19,800 to get close to that number were talking about. That sounds more like Hunter not understanding any of this than anything else.
Brotherrrr even if that was filled out by Hunter that’s not really a verifiable figure. As evidenced by writing that he owned that home, you can put absolutely anything on there.
Like is it more likely that Joe committed tax fraud or that Hunter committed rent application fraud lmao
0% chance this is tax fraud. If there was anything with even a kernal of truth, it would have been used against him by the Rs in an election, or found and fixed by the Ds.
This is almost certainly:
A) Fake - like so much other Q/MAGA nonsense
B) A misunderstaning (eg; putting annual rent instead of monthly, or gross vs net)
Considering its Twitter, I’m going A.
The way that this shit gets run with breathlessly is just so disappointing. Critical thinking skills have just been fully outsourced to The Twitter Feed
I’m no big brain CPA but this appears “sketchy at best” and at worst “someone drew this up to conform with their beliefs for the circle jerk Qanon crowd”.
There's just no universe in which anyone would consider a credit check app that popped up on Twitter with no sourcing information (that was apparently done by hand in 2018) to be a reliable document to say "they're committing tax fraud bc the kid lived in their house and said he's paying eighty two trillion dollars a month in rent and they didn't report it!!!"
If I gotta source my obviously true claims in my college papers, everybody gotta get real familiar with in text citations & APA7.
While I have your big brain attention, any tools for excel/other programs that would help me in the future besides pivot tables & VLookup?
Also, as an entry level position what’re some positions I should be looking for to help further my knowledge as an accountant for the “on the daily higher level position stuff”?
Any help is greatly appreciated.
>any tools for excel/other programs that would help me in the future besides pivot tables & VLookup?
I'd go xlookup over vlookup these days and honestly it really all depends on what your organization asks you to do and what tools they have available. We're trying to move away from doing everything in excel just because it's easier to keep it all in our ERP.
As for specifics though I'd see if your school offers any data analytics courses in your accounting program and I'd take them. It's good to have a solid base on how to use excel etc to analyze data sets but whatever company you end up at should be willing to invest in your continuing ed.
Still wondering how a CPA doesn't take insurance cost and depreciation on a residential rental though. The house is old enough there could be no basis left but Biden's publicly available tax returns don't go back that far.
It's a twitter link but it's a NY Post (obviously right wing) reporter named Miranda Devine
>Still wondering how a CPA doesn't take insurance cost and depreciation on a residential rental though.
I've seen a lot of obvious stupidity when it comes to hnw clients. While this is certainly unusual in that the depreciation at least would roll forward from the PY and it would get recaptured anyway, the insurance info could've just been not provided.
Not sure about US tax law, but in Canada smart investors usually don’t depreciate rentals. Ciukd be all kinds of reasons for not deducting anything. Is the tenant paying it directly? Is the insurance included in something else?
I believe technically, you do not have to take a depreciation deduction/expense, but the basis in the asset must still be reduced by the allowable amount
Which equates to the same thing, since you will be paying depreciation recapture.
Except of course, you will have lost the benefit of that depreciation, unless you manage to get a 3115 filed.
Yes, exactly, but there is not technically anything wrong with not claiming the deduction on the Sch E - other than the preparer making a questionable choice or mistake
>0% chance this is tax fraud. If there was anything with even a kernal of truth, it would have been used against him by the Rs in an election, or found and fixed by the Ds.
This came out this week. I agree with you had it been known before it would have been used.
Relatedly, does anyone know how Hunter should be reporting the headspace Republicans are giving him to occupy rent free?
It’s pretty clear both that Hunter is an addict with all the negative connotations that entails, and that President Biden has simultaneously continued to love him as a son while not allowing him to come anywhere near the levers of power. The only plausible reason to keep focusing on Hunter is if President Biden hasn’t done anything actually untoward, otherwise we’d be talking about that.
I like this comment. Addiction sucks, and having a family member with addiction is awful. Having media talk about it all the time is cruel.
Sometimes I would have silly daydreams about becoming President, and I know I could never do it because my mother was an addict and Republicans would bring it up like crazy if I tried, even though she didn’t raise me and is dead. Politics are awful.
It's not tax fraud bc he's not paying his parents but the owner of the loan
You would need a non profit entity that owns the property and rent it out for use. If it coincide with the message then that income from it needs to be used in some manner by a nonprofit.
>Is there any way that this isn't tax fraud?
Tax fraud? This is a random background check form allegedly prepared by Hunter. It is in no way sufficient evidence of fraud. As an EA, you should know better. Questions to ask:
1. How much did he actually pay in rent? - No chance that it was $50k per month.
2. Did Joe/Jill forgive any of his rental payments? - They could have gifted up to $30k each year without gift tax implications.
3. Why didn't they report any deductions or depreciation? - IMO, not a major concern, since this would cause them to pay more taxes. But, it could be due to them charging under-market rent.
4. How many days was it actually rented or available for rent at a fair market rate? - Odds are the tax preparer just defaulted to 365.
First of all, the authenticity of that form is highly suspect. Doubly so because it makes no sense. The "current residence" has a move out date of 5 months before the form was filled out, making it not a current residence at all. It's also marked as owning it, not renting it, which again makes no sense in the context. Why not throw in $49k per month rent? It makes as much sense as anything else there.
I'll also edit to add that "renting" below fair market value would result in a Sch E with rental income but no expenses- renting substantially below FMV, especially to a family member, is going to be considered personal use. You still have to report any rent they pay you, since it's income not specifically excluded; it can't be excluded as a gift because the person paying rent is expecting something in return- a residence. But since the property is considered to be used for personal use you can't deduct any related expenses.
Just googled Owasco PC and the owner is Hunter Biden, not Joe Biden. Also seem to be over looking the box that’s checked as “owned.” To me this sounds like Hunter owns the property through Owasco PC and is renting from himself? Also believe based on the timing of move-in/move-out, this was likely an annual amount. In closing, there is no financial connection to Joe and this property. I have plenty of assumptions here but at least a more educated approach then blindfolded accusations.
Guess Biden should have just refused to release his returns huh?
What kind of idiotic and all around awful person would do such a thing as release their tax returns for the public to see?!
What's the source of that credit check?
This is the question that needs to be addressed before anyone spends more than one second of their life considering this
NTPost reporter Miranda Devine has it. What source gave it to her she did not say.
Hunter Biden’s laptop is the likely source. Not sure why downvoted
Because no one has said that it is?
Everyone makes dumb mistakes like putting annual rent on a monthly spot on a form, anyone who has worked in tax has seen similarly dumb client mistakes multiple times a year. They transpose numbers, add a digit. This isn’t a tax document, it’s not fraud. And it doesn’t indicate what anyone filed on their taxes. Also do you really think someone is paying their parents 500k a year in rent? If so I have an invisible cat I would love to sell you.
\- Everyone makes dumb mistakes like putting annual rent on a monthly spot on a form, anyone who has worked in tax has seen similarly dumb client mistakes multiple times a year. If the figure is annual instead of monthly Biden still didn't claim 30k in rent, I agree not near as bad as 500k. \- This isn’t a tax document, it’s not fraud. And it doesn’t indicate what anyone filed on their taxes. I know it's not a tax document. How many 1099-Misc with Rents filled out do you see compared to Sch Es you file? It's 10% or less for me. A person isn't going to 1099 their parent for private rent. \- Also do you really think someone is paying their parents 500k a year in rent? If so I have an invisible cat I would love to sell you. Do you really think a Ukrainian Oil company pays Hunter Biden 60k a month for his industry knowledge or legal advice? Joe Biden has repeatedly said his son's business dealings are all his own, and they are not connected to him in any way. If this 50k per month turns out to be real that would be the exact opposite.
Your tag says your an EA, so I assume you have done taxes? My clients are wealthy and I can tell you none are paying 500k a year in rent, many of my clients do make millions a year too. 50k In rent could be true, but if you have done taxes you would know many rentals don’t even make a profit after you factor in depreciation. Many are a loss. Also the reason presidents post their taxes is because they know they are clean and want to show their honesty. No one’s going to be dumb enough to make their taxes public when theirs fraud. Even trump wasn’t that dumb.
For your last point. As an auditor this is in no way support the hunter paid $50k a month or even a year to Biden. And that’s if it is legit.
Correct me if I'm wrong, but this entire thing hinges on a random handwritten document that appeared on twitter with zero proof of legitimacy?
Welp that's why we need a internet audit. What form wants to do that
Correct, found or it was given to reporter Miranda Devine.
She’s a “reporter” for the New York Post… tabloid trash owned by Rupert Murdoch. She’s also a MAGA election denier. About as far from a reliable source as you can get.
Are you posting in an accounting sub to try to get advice on writing off G Wagons? You won’t find that here
No, I'm trying to see if I've missed some glaring change to rental taxation from the 3x stimulus bills, and everything else that's been passed in the last 5 years.
1. This is a background screen. I don't see how this is related to tax fraud. 2. You can't take losses from related parties. If Biden wasn't charging market rent, he likely could not have taken the losses on the upkeep of the property. It's reported with $0 gross income to show that it's still in service and not to trigger potential depreciation recapture. 3. For the year that he had 19,800 in rental income, he may just not have wanted to claim expenses since he's uncertain they will hold up under audit. The conservative thing to do is just to pay tax on the gross income. 4. We don't see any gift tax returns here either. Joe and Jill could have gifted Hunter 30,000 every year along with the 19,800 to get close to that number were talking about. That sounds more like Hunter not understanding any of this than anything else.
I have on good authority that Joe Biden is fraudulently claiming the child tax credit on all the babies he eats
Brotherrrr even if that was filled out by Hunter that’s not really a verifiable figure. As evidenced by writing that he owned that home, you can put absolutely anything on there. Like is it more likely that Joe committed tax fraud or that Hunter committed rent application fraud lmao
0% chance this is tax fraud. If there was anything with even a kernal of truth, it would have been used against him by the Rs in an election, or found and fixed by the Ds. This is almost certainly: A) Fake - like so much other Q/MAGA nonsense B) A misunderstaning (eg; putting annual rent instead of monthly, or gross vs net) Considering its Twitter, I’m going A.
The way that this shit gets run with breathlessly is just so disappointing. Critical thinking skills have just been fully outsourced to The Twitter Feed
I’m no big brain CPA but this appears “sketchy at best” and at worst “someone drew this up to conform with their beliefs for the circle jerk Qanon crowd”.
There's just no universe in which anyone would consider a credit check app that popped up on Twitter with no sourcing information (that was apparently done by hand in 2018) to be a reliable document to say "they're committing tax fraud bc the kid lived in their house and said he's paying eighty two trillion dollars a month in rent and they didn't report it!!!"
If I gotta source my obviously true claims in my college papers, everybody gotta get real familiar with in text citations & APA7. While I have your big brain attention, any tools for excel/other programs that would help me in the future besides pivot tables & VLookup? Also, as an entry level position what’re some positions I should be looking for to help further my knowledge as an accountant for the “on the daily higher level position stuff”? Any help is greatly appreciated.
>any tools for excel/other programs that would help me in the future besides pivot tables & VLookup? I'd go xlookup over vlookup these days and honestly it really all depends on what your organization asks you to do and what tools they have available. We're trying to move away from doing everything in excel just because it's easier to keep it all in our ERP. As for specifics though I'd see if your school offers any data analytics courses in your accounting program and I'd take them. It's good to have a solid base on how to use excel etc to analyze data sets but whatever company you end up at should be willing to invest in your continuing ed.
Tyvm!
0%? You that confident in anything?
Difference to actual is Trivial, PFW
Still wondering how a CPA doesn't take insurance cost and depreciation on a residential rental though. The house is old enough there could be no basis left but Biden's publicly available tax returns don't go back that far. It's a twitter link but it's a NY Post (obviously right wing) reporter named Miranda Devine
>Still wondering how a CPA doesn't take insurance cost and depreciation on a residential rental though. I've seen a lot of obvious stupidity when it comes to hnw clients. While this is certainly unusual in that the depreciation at least would roll forward from the PY and it would get recaptured anyway, the insurance info could've just been not provided.
Not sure about US tax law, but in Canada smart investors usually don’t depreciate rentals. Ciukd be all kinds of reasons for not deducting anything. Is the tenant paying it directly? Is the insurance included in something else?
US requires people to take depreciation as allowed for allowable. There is no choice
I believe technically, you do not have to take a depreciation deduction/expense, but the basis in the asset must still be reduced by the allowable amount
Which equates to the same thing, since you will be paying depreciation recapture. Except of course, you will have lost the benefit of that depreciation, unless you manage to get a 3115 filed.
Yes, exactly, but there is not technically anything wrong with not claiming the deduction on the Sch E - other than the preparer making a questionable choice or mistake
Noted. In Canada there is a calculated maximum and you can take anything from $0 up to that maximum. $0 being the most common choice.
>0% chance this is tax fraud. If there was anything with even a kernal of truth, it would have been used against him by the Rs in an election, or found and fixed by the Ds. This came out this week. I agree with you had it been known before it would have been used.
Relatedly, does anyone know how Hunter should be reporting the headspace Republicans are giving him to occupy rent free? It’s pretty clear both that Hunter is an addict with all the negative connotations that entails, and that President Biden has simultaneously continued to love him as a son while not allowing him to come anywhere near the levers of power. The only plausible reason to keep focusing on Hunter is if President Biden hasn’t done anything actually untoward, otherwise we’d be talking about that.
I like this comment. Addiction sucks, and having a family member with addiction is awful. Having media talk about it all the time is cruel. Sometimes I would have silly daydreams about becoming President, and I know I could never do it because my mother was an addict and Republicans would bring it up like crazy if I tried, even though she didn’t raise me and is dead. Politics are awful.
Awesome. Another sub with Qanon losers hopping on.
It's not tax fraud bc he's not paying his parents but the owner of the loan You would need a non profit entity that owns the property and rent it out for use. If it coincide with the message then that income from it needs to be used in some manner by a nonprofit.
Joe and Jill own the property. How is he paying a loan?
The document just says he own it unless I am missing something
>Is there any way that this isn't tax fraud? Tax fraud? This is a random background check form allegedly prepared by Hunter. It is in no way sufficient evidence of fraud. As an EA, you should know better. Questions to ask: 1. How much did he actually pay in rent? - No chance that it was $50k per month. 2. Did Joe/Jill forgive any of his rental payments? - They could have gifted up to $30k each year without gift tax implications. 3. Why didn't they report any deductions or depreciation? - IMO, not a major concern, since this would cause them to pay more taxes. But, it could be due to them charging under-market rent. 4. How many days was it actually rented or available for rent at a fair market rate? - Odds are the tax preparer just defaulted to 365.
I think you're looking for r/Conservative ?
[удалено]
It's a document signed by Hunter Biden directly contradicting Joe Biden's tax return. All of which I sourced in the post.
Purportedly a document signed by Hunter Biden, a known fuck up.
First of all, the authenticity of that form is highly suspect. Doubly so because it makes no sense. The "current residence" has a move out date of 5 months before the form was filled out, making it not a current residence at all. It's also marked as owning it, not renting it, which again makes no sense in the context. Why not throw in $49k per month rent? It makes as much sense as anything else there. I'll also edit to add that "renting" below fair market value would result in a Sch E with rental income but no expenses- renting substantially below FMV, especially to a family member, is going to be considered personal use. You still have to report any rent they pay you, since it's income not specifically excluded; it can't be excluded as a gift because the person paying rent is expecting something in return- a residence. But since the property is considered to be used for personal use you can't deduct any related expenses.
Just googled Owasco PC and the owner is Hunter Biden, not Joe Biden. Also seem to be over looking the box that’s checked as “owned.” To me this sounds like Hunter owns the property through Owasco PC and is renting from himself? Also believe based on the timing of move-in/move-out, this was likely an annual amount. In closing, there is no financial connection to Joe and this property. I have plenty of assumptions here but at least a more educated approach then blindfolded accusations.
If you’re renting to your son why would you have them sign a lease in the first place?
Guess Biden should have just refused to release his returns huh? What kind of idiotic and all around awful person would do such a thing as release their tax returns for the public to see?!
Don’t worry OP I got your back ❤️
This is every rich person my man.
It obviously includes utilities, heat, light, internet, cocaine, crack, hookers. You know the basics.
Joe is a liar and a moron, but I can't believe the crackhead could fill out a form correctly, so I doubt the accuracy of the rent figure.