HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Retired » Retired Forums » 2016 Postmortem (Forum) » Should Bernie and Trump h...

Thu May 26, 2016, 09:50 PM

Should Bernie and Trump have the $10-15 million for the debate be reported as taxable income?

The networks are not just donating the money to charity. Rather, both Bernie and Donald Trump are very expressly demanding that this amount get paid as a condition for them to debate on a network. The charities are being chosen by Bernie/Trump, i.e., for women's health issues. Also, both Bernie/Trump are claiming credit for such donations.

How does this not count as income to both Bernie/Trump? Sure, they could deduct some of the money paid, since it is being given to charity, but it sounds like income nonetheless.

5 replies, 750 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 5 replies Author Time Post
Reply Should Bernie and Trump have the $10-15 million for the debate be reported as taxable income? (Original post)
TomCADem May 2016 OP
Ilsa May 2016 #1
TomCADem May 2016 #4
Sheepshank May 2016 #2
TomCADem May 2016 #5
Post removed May 2016 #3

Response to TomCADem (Original post)

Thu May 26, 2016, 09:53 PM

1. I suppose what they don't donate to charities would be

Counted towards income.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Ilsa (Reply #1)

Thu May 26, 2016, 10:00 PM

4. But Isn't The Donation After The Fact? Imagine Mayweather fights Pacquiao...

...they have cable bid for the rights to televise the fight, and HBO bids $100 million split evenly. Mayweather directs that his $50 million be paid to a charity of his choice. How much does Mayweather report as income? How much could Mayweather claim as a deduction?

https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions

You may deduct charitable contributions of money or property made to qualified organizations if you itemize your deductions. Generally, you may deduct up to 50 percent of your adjusted gross income, but 20 percent and 30 percent limitations apply in some cases.


So, I don't think reportable income is based on the net amount of money that Trump/Sanders keep after making their charitable donation. Rather, their income is the $10/15 million, but they can then deduct the amounts that they contribute to charity.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to TomCADem (Original post)

Thu May 26, 2016, 09:55 PM

2. Since both have tax returns MIA are we to take their word for it?

 

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Sheepshank (Reply #2)

Fri May 27, 2016, 12:17 AM

5. If You Have A Candidate Trump/Bernie Demanding $10/$15 Million

for a debate, then doesn't that count as income? Also, if they then donate that money to a charity. isn't it there tax write off?

I am not hearing anyone offer any explanation as to why this is no different then paying the money to Trump/Bernie who then turn around and donate it for a big tax write off.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to TomCADem (Original post)

Reply to this thread