No Need to Report Rental Income

[JohnH]

This is a relief. You can just net everything out and skip those pesky details of reporting the gross income when you know you're going to have a loss. At least, if you serve in the US Congress, Chair the Ways & Means Committee, serve on the Joint Committee on Taxation, and can bend the rules however it suits your purposes.

Also, no need to report income from thousands of dollars in forgiven interest.

That rental income was deposited in an account somewhere. Wonder if he checked the "Foreign Accounts" box on his 1040 and filed a TD F 90-22.1.
Wonder if anybody will ask?

http://www.breitbart.com/article.php?id=D930NU400&show_article=1

-->> Davis said Rangel failed to report rental income from the resort property on his taxes, but didn't realize it was necessary because of the way the deal was structured.

Davis said it is unlikely the congressman owes any back taxes under the federal tax code, although he may owe a small amount to New York State, on unreported rental income of about $75,000.

"It is my understanding that over the 20-year time period there is not likely to be federal tax liability by Mr. Rangel because of offsetting depreciation expenses and tax credits. Therefore, whatever amendments might be necessary do not involve the federal tax code," said Davis <---

[ChEAr$]

Howeve

I wonder if he realizes what will happen when he sells the property.

Of course if nothing were ever reported, given losses each year, and
he changed accountants for year of sale, ........!

[ED SMITH]

The ways of taxing and the means of taking. This is the committee on taxation, for which congress had to find a euphemistic name for it. Rangel has been either the chairman or the ranking member of it for 30 or so years.

Of course a man that writes the tax laws and knows more about taxes than any other of the 544 members of congress surely couldn't know that he didn't have to report rental income.

So what does he do, he hides behind his wife and says she handled all the finances. Does any think he will even get a slap on the wrist?

[erchess]

NC Eleventh Congressional District

In the last election we booted out longtime Rep Charles Taylor (R) over allegations of corruption that I will summarize below.

Taylor owned and as far as I know still owns the largest stake in what started out as Blue Ridge Savings and Loan but eventually became Blue Ridge Bank and Trust and the bank made some illegal investments in Russia. I am not sure of the details but the investments were reported in the paper as they occurred and it was reported that he refused to meet with Federal Authorities investigating the matter and used his influence to keep his top subordinates, who did meet with the authorities, from receiving more than a slap on the wrist. I also understand from the paper that these two individuals received bonuses that were at least nominally for superior job performance.

Taylor also owns real property on which the county in question believed while he was in Congress that he owed tax on. Taylor's lawyer asserted repeatedly that he did not owe the tax because he qualified for some kind of exemption. The County's side of the story was that he did not timely file paperwork necessary to be entitled to the exemption. Taylor admitted that the paperwork was late filed but had some argument to the effect that he was still entitled to the exemption, The County did not go after him the way they would have gone after anyone else who did not follow the established procedure of paying the disputed tax and suing the County to get it back.

I'd be interested in anyone who remembers more detail about Taylor or thinks I have erred or even been unbalanced. I'd also like to hear opinions on where Rangel and Taylor rank in the pantheon of corrupt US Politicians.

[DTS]

More on Rangel

Here are a couple of links to a story I read last month:

http://cityroom.blogs.nytimes.com/2008/07/15/rangel-relinquishes-apartment-used-as-office/

http://firstread.msnbc.msn.com/archive/2008/07/17/1204374.aspx

Is anyone else as sick of these idiots that think they are above all else as I am? If we made examples of just a few of them in the public arena, I believe this crap would slow to a crawl.

I wonder what would happen to me if I took advantage, in a similar fashion, of any number of these clowns like they do us.

[JohnH]

One would think that the mainstream media would find it compelling news to report in detail that a Congressperson who is in charge of writing the tax laws chooses to ignore the simplest of those very laws and possibly use his position to peddle influence and garner special favors for himself.

But then, they're too busy trying to dig up dirt on a pregnant 17-year-old and a spouse's DWI conviction from 20 years ago in a feeble attempt to discredit a candidacy. After all, it's a matter of priorities, and what's more important than trying to direct events in the way they want them to go? The media elites are convinced that they really do know better than the rest of us what needs to be emphasized and what's to be swept under the rug.

[solomon]

One would think that the mainstream media would find it compelling news to report in detail that a Congressperson who is in charge of writing the tax laws chooses to ignore the simplest of those very laws and possibly use his position to peddle influence and garner special favors for himself.

But then, they're too busy trying to dig up dirt on a pregnant 17-year-old and a spouse's DWI conviction from 20 years ago in a feeble attempt to discredit a candidacy. After all, it's a matter of priorities, and what's more important than trying to direct events in the way they want them to go? The media elites are convinced that they really do know better than the rest of us what needs to be emphasized and what's to be swept under the rug.

If there was an R after his name rather than a D, the media would be screaming.

[Uncle Sam]

No Need to Report Rental Income

Got to agree with you this time solomon - an R vs a D makes a big difference with the press.

[JohnH]

Being a M or an F also makes a difference, but it makes a different type difference depending upon whether you are a R or a D.

[veritas]

Latest on Charlie Wrangle

http://online.wsj.com/article/SB122098775977115837.html?mod=hpp_us_whats_news

[ChEAr$]

Great spelling

of his name I think.

[DaveO]

Why only 3 years?

Shouldn't he amend all years in which he owned the property, not just the last three? Due to his chair of the House Ways and Means he should set an example for the rest of the country. I suppose he is setting an example, just a very bad one.

[erchess]

Dave

Shouldn't he amend all years in which he owned the property, not just the last three? Due to his chair of the House Ways and Means he should set an example for the rest of the country. I suppose he is setting an example, just a very bad one.

The article states that he has told his tax advisers to figure up how much he owes from years prior to the three open years. Like you, I don't know why he is not having amended returns done for those years but as long as he pays what he owes including penalties and interest and gets put out of Congress I will be happy.

Ok Ok I was just dreaming about the put out of Congress part.

[veritas]

Story unfolding

http://www.nysun.com/national/rangel-rejects-republicans-calling-for-him/85651/

[DTS]

Rangel

That's a step in the right direction. I wouldn't hold my breath, though. His story does sound different now than when a Republican is being discussed!

What's that saying about the goose?