Trump got a $21 million tax break for saving the forest outside his N.Y. mansion. Now the deal is under investigation.

The size of Trump’s tax windfall was set by a 2016 appraisal that valued Seven Springs at $56.5 million — more than double the value assessed by the three Westchester County towns that each contained a piece of the property.

The valuation has now become a focal point of what could be one of the most consequential investigations facing President Trump as he heads into the election.

New York Attorney General Letitia James (D) is investigating whether the Trump Organization improperly inflated the value of Seven Springs as part of the conservation easement on the property, according to filings in the case in August. The investigation also scrutinizes valuations, tax burdens and conservation easements at Trump’s holdings in Los Angeles, Chicago and New York City.

Trump’s son Eric, who now helps run the Trump Organization, sat for a deposition in the case Monday.

The Seven Springs appraisal, obtained by The

Read More Read more

German authorities search offices, homes in DFB tax evasion probe

German prosecutors and tax authorities searched offices of the German Football Association (DFB) as well as private homes of current and former officials on suspicion of serious tax evasion, the Frankfurt prosecutors’ office said on Wednesday.

It said six unnamed former and current officials of the DFB were suspected of having intentionally falsely declared income from advertising inside football stadiums during home games of the national team in 2014 and 2015 as income from asset management, leading to €4.7 million in unpaid taxes.

The DFB, which does not pay taxes for any income from asset management but is obliged to do so for earnings from any commercial activities, did not immediately respond to a Reuters request for comment.

Van Dijk: Everyone wants to see us fall
• Sources: Sancho still Utd’s top target
• Homes searched in German FA tax case
• Ronaldo rape case nears U.S. trial

Read More Read more

Saudi Tax Relief Unleashed for Home Buyers to Keep Boom Rolling

(Bloomberg) —

Saudi Arabia added new incentives to keep its mortgage boom going by scrapping a 15% value-added tax on property sales and offering other relief for home buyers amid a push by the Arab world’s largest economy to expand residential ownership.

Property transactions will instead be subject to a new 5% real estate sales tax, according to state-run news agency SPA. The government will also shoulder the cost of taxes for first-time home buyers of properties worth up to 1 million riyals ($267,000), according to a royal order published on Friday.

The threshold for the tax exemption was increased from 850,000 riyals previously for citizens buying their first homes.



chart, bar chart: Mortgage Boost


© Bloomberg
Mortgage Boost

Saudi Arabia’s mortgage market has emerged as a bright spot at a time the economy is reeling from the global pandemic and lower oil prices, with citizen unemployment hitting its highest level on record in the

Read More Read more

Appeals court rules federal courts can hear lawsuits in property tax foreclosure cases



a sign in front of a house: WJRT


© Provided by Flint-Saginaw-Bay City WJRT
WJRT

SAGINAW COUNTY, Mich. (WJRT) – A legal victory for people who have lost their homes in property tax foreclosures, as federal courts can now hear these types of cases.

It was in July when the Michigan Supreme Court ruled counties can’t keep the profits from property sales resulting from tax foreclosures.

The dust is still settling on how much money counties are going to have to pay back, and to whom.

It could be billions of dollars when you combine the totals from all 83 Michigan counties.

Attorney Phil Ellison says people who had their homes taken by the government in a property tax foreclosure had to file lawsuits in state courts. That changed yesterday.

“The ruling for a long time is that you could never go to federal court regarding takings claims,” Ellison says.

But the U.S. Sixth Circuit Court of

Read More Read more

Sullivan County to hold its 2020 tax foreclosure auction virtually

Mike Randall
 
| Times Herald-Record

MONTICELLO – After being delayed by the COVID-19 pandemic, Sullivan County’s annual tax foreclosure property auction will take place Oct. 20 and 21.

This year’s auction will be conducted entirely online.

County Treasurer Nancy Buck does not know how much the proceeds might offset the county deficits created by the pandemic, but she said, “just getting some cash flow in will be great.”

Unlike some government auctions, the county’s does not include a requirement that the minimum price paid be at least the amount of the outstanding taxes.

Also, Buck said there is always the possibility that a lot of the smaller parcels will not sell.

The auction catalog includes 276 properties, with a large majority of those — 194 — being vacant residential properties.

There are 31 single-family homes, seven manufactured home parcels and four vacant commercial lots.

The latter properties, three of them

Read More Read more

How Bruce Kenan sued for a tax bargain on his Skaneateles Lake homes; “a slap in everybody else’s face”

In 2018, Skaneateles town officials raised the property tax assessment on Destiny USA partner Bruce Kenan’s two lakefront mansions to $7 million.

Unhappy with that, Kenan went to court and argued that was too high, that they really should be valued at $2.7 million. They settled somewhere in the middle: $4.7 million.

Then, less than a year later, Kenan put the properties up for sale.

Kenan’s asking price? $8.4 million.

That’s three times the amount he argued in court they were worth.

The Kenans are like other wealthy landowners in New York who use their money and lawyers to negotiate more favorable tax bills, town Assessor Michael Maxwell said.

Maxwell said he sees it again and again in Skaneateles and in Lake George, a ritzy Adirondack town where he is also a part-time assessor.

“The whole thing to me is just a slap in everybody else’s face,” Maxwell said.

Kenan’s

Read More Read more

Trump likely paid less in federal income tax than average middle class American

“His income tax burden is certainly much lower than the average taxpayer,” said Brian Galle, a law professor and tax expert at Georgetown Law. “He’s likely paying less than the shoe-shine guy who works in the foyer of the Trump Tower.”

The Times’ disclosure of Trump’s shockingly low federal income payments prompted an outpouring of criticism of what appeared to be his unusually aggressive attempts to evade obligations to the Internal Revenue Service. The Times’ report reveals that Trump also appears to have stretched the boundaries of deductions that allow firms to lower their federal tax burdens on losses and expenses, for instance by paying his daughter Ivanka Trump consulting fees that the firm later claimed as a tax write-off.

Alan Garten, a lawyer for the Trump Organization, said the story was filled with inaccuracies and told The Washington Post in a statement: “Over the past decade the President has

Read More Read more

Most of Trump’s charitable tax write-offs are reportedly for not developing property he owns

The Daily Beast

Sole Witness Who Heard Cops Announce Themselves in Breonna Taylor Raid Changed His Story

This week, Kentucky Attorney General Daniel Cameron made the bombshell announcement that the cops who fatally shot Breonna Taylor would not be charged with killing her, calling their use of force in the March raid “justified to protect themselves.”In that justification, he said that one witness corroborated the three officers’ insistence that they knocked and identified themselves at Taylor’s Louisville home while executing a search warrant in connection with a narcotics investigation. It contradicted claims from Taylor’s boyfriend, Kenny Walker, and 11 other residents, who said they didn’t hear the cops announce themselves. Instead, Walker thought he was being burglarized and fired a warning shot that triggered a tragic chain of events.But, according to documents and audio obtained by VICE News on Saturday, that sole witness initially told investigators days after the March

Read More Read more

This tax break for first-time home buyers could keep the housing market afloat

MARKETWATCH FRONT PAGE

Federal tax relief for new homeowners would help millennials and support prices, writes Sanjiv Das. See full story.

Why Oct. 9 is a day that lives in infamy among stock investors

Two major stock market trend changes have occurred on this day since 2000, Mark Hulbert writes. See full story.

Mitch McConnell meets with pot execs in California, pitched need for cannabis banking reform

Senate Majority Leader Mitch McConnell, a longtime opponent of reforming marijuana laws, is spending more time than usual thinking about cannabis on a trip to California this week. See full story.

What a Trump vs. Warren 2020 showdown would mean for the U.S. dollar

President Trump doesn’t care for a strong dollar — but neither does Democratic challenger Elizabeth Warren. With Warren’s rise in the polls causing heartburn on Wall Street, one strategist took a look at what the 2020 presidential race could

Read More Read more

Higher tax proposed to support ‘homes for all’ in Kalamazoo County

KALAMAZOO, MI — A tax proposal is back on the ballot for Kalamazoo County voters in 2020 to continue and expand support for rent subsidies and affordable housing first passed by voters in 2015.



a man holding a sign: Homes for All co-chairs Stephanie Hoffman and Chris Burns are advocating to pass the housing millage on the Nov. 3 ballot.


© Lindsay Moore | lmoore@mlive.com/mlive.com/TNS
Homes for All co-chairs Stephanie Hoffman and Chris Burns are advocating to pass the housing millage on the Nov. 3 ballot.

The new millage purposes a 0.75-mill property tax for eight years, 2021 through 2028, to provide rental subsidies, permanent housing and related supportive services for residents of Kalamazoo County.

The previous millage was a 0.1-mill tax and was estimated to raise about $800,000 annually, for a period of six years. So far, the money has helped more than 500 families with children. The millage passed in 2015 with 18,971 votes cast in favor and 14,639 against.

The 2020 millage expands the language beyond helping families with school-age children. Housing

Read More Read more