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Post by mhbruin on Jul 31, 2022 9:36:11 GMT -8
When Ivana Trump, Donald Trump’s first wife, was buried last month near the first hole of Trump National Golf Club in Bedminster, New Jersey, few immediately guessed that her grave’s location might also serve her ex-husband’s long-held tax planning purposes.
Tax code in New Jersey exempts cemetery land from all taxes, rates, and assessments – and her grave, as such, potentially has advantageous tax implications for a Trump family trust that owns the golf business, in a state where property and land taxes are notoriously high.
According to documents published by ProPublica, the Trump family trust previously sought to designate a nearby property in Hackettstown, New Jersey, as a non-profit cemetery company.
But Ivana Trump, who died earlier this month at 73 after a fall at her home in New York City’s Manhattan, is the first person known to have been buried at the golf course, where Donald Trump and his family spend a lot of time in the summers.
Under New Jersey’s tax code, cemetery companies are not only exempt from real estate taxes, rates, and assessments or personal property taxes, but also business taxes, sales taxes, income taxes, and inheritance taxes, according to Insider.
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Post by mhbruin on Jul 31, 2022 10:54:25 GMT -8
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Post by blindness on Jul 31, 2022 11:07:41 GMT -8
This is mind blowing even when you expect nothing but the worst from the man. I honestly did not expect even him to be able to sink that low.
I wonder if this will be the starting point for any of his children to start distancing themselves from him. C'mon Ivanka. You're the smart one. That was your mother.
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hasben
Resident Member
Posts: 1,021
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Post by hasben on Jul 31, 2022 16:33:16 GMT -8
According to an article in the Guardian he can only get tax benefits from the 1 1/2 acres where she's buried not the whole golf course. Saves him like $16 yr in taxes. But who knows without reading the whole statutes?
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Post by mhbruin on Jul 31, 2022 19:00:54 GMT -8
According to an article in the Guardian he can only get tax benefits from the 1 1/2 acres where she's buried not the whole golf course. Saves him like $16 yr in taxes. But who knows without reading the whole statutes? How about this headline? "Dartmouth professor alleges 'trifecta of tax avoidance' burying Trump's ex-wife on his golf course" Read down and you find "As a tax researcher, I was skeptical of rumors Trump buried his ex-wife in that sad little plot of dirt on his Bedminster, NJ golf course just for tax breaks,” Brooke Harrington, a sociology professor at Dartmouth College, tweeted on Saturday. “So I checked the NJ tax code & folks...it's a trifecta of tax avoidance. Property, income & sales tax, all eliminated."
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hasben
Resident Member
Posts: 1,021
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Post by hasben on Aug 1, 2022 7:43:38 GMT -8
"Dartmouth professor alleges 'trifecta of tax avoidance' burying Trump's ex-wife on his golf course" Read down and you find "As a tax researcher, I was skeptical of rumors Trump buried his ex-wife in that sad little plot of dirt on his Bedminster, NJ golf course just for tax breaks,” Brooke Harrington, a sociology professor at Dartmouth College, tweeted on Saturday. “So I checked the NJ tax code & folks...it's a trifecta of tax avoidance. Property, income & sales tax, all eliminated." And a little bit further down However it is unlikely that the 1.5 acre plot would deliver tax exemptions to the entire Bedminster property – any break only applies so long as the plot is less than 10 acres.
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