quote:

I mean if the under/overstatement was a huge enough amount, sure it could be illegal. I'm not sure of the facts, just pointing out the statement alone just shows he was doing his accounting properly

Huh?

A loan application is a loan application.

It is the lender's job to assign value for collateral assets. It is the lender's job to deem qualifications for the terms of the loan.

If I have a rare coin and list it as an asset on a loan application, the lender can use the asset for underwriting, not use the asset for underwriting, or order their own appraisal and go off that 3rd party valuation for the asset for underwriting.

We are talking about applications and ensuing underwriting of said applications.
There should be no prosecuting attorney involved in this horseshite of a witch hunt.

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Posted by Barstools

Atlanta

Member since Jan 2016

9440 posts

Posted on 10/6/23 at 6:58 pm to meansonny

A loan application is going to look at your GAAP basis for an asset you are pledging as collateral and will be different than your tax basis in the same asset.

In this case, the asset value of mar a lago on his tax forms is going to be different than the asset value he lists for a loan. The banks don't care about you tax basis (MACRS depreciation). The bank is going to use the FMV. 2 very different numbers for the same asset.

Lenders use audited financial statements which are prepared under gaap basis. They aren't using the value you list on your tax forms.

This post was edited on 10/6/23 at 7:11 pm

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