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re: OT- Apparently Buck Belue is a Liberal
Posted on 10/6/23 at 6:58 pm to meansonny
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.
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
1
Posted on 10/6/23 at 7:01 pm to Barstools
Once the experts and facts started coming out in this thread, isn't it funny how certain people disappear?
Like cockroaches when the lights come on.
Like cockroaches when the lights come on.
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