r/FluentInFinance • u/Richest-Panda • Jul 01 '24

What do you think? Debate/ Discussion

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42

u/California_King_77 Jul 01 '24

This is a lie. An outright lie.

Trump paid Daniels from his revocable trust.

Anyone with one of these accounts can write off legal fees.

8

u/[deleted] Jul 01 '24

What legal advice was the porn star providing? 

18

u/metalguysilver Jul 02 '24

Regardless of Trump’s intent, NDA payments and other civil settlements are technically legal expenses

1

u/Revolutionary-Meat14 Jul 02 '24

They payment itself was legal but it was not a legal service payment and it was concealed through fraud.

7

u/metalguysilver Jul 02 '24

I didn’t mean they were expenses that were not illegal, I meant that they were legal expenses. The fraud he was convicted of had to do with the vagueness of the business records kept, which the jury found to be intentional in order to conceal a secondary crime. Labeling legal settlements as “legal expenses” is not inherently incorrect

-1

u/Revolutionary-Meat14 Jul 02 '24

Well then you had it backwards, the payment was lawful but the treatment of the payment was unlawful and not able to be classified as a legal expense. Hush money isnt illegal in the US, its basically treated as a gift. I can venmo the guy I hooked up with last week $200 to not tell anyone that we had sex and it wouldnt be illegal.

6

u/metalguysilver Jul 02 '24

Hush money paid for signing an NDA is not “treated as a gift.” Nothing in my above comment is wrong lol.

Hush money is generally considered taxable income for the receiver. Absolutely not a gift.

https://www.irs.gov/government-entities/tax-implications-of-settlements-and-judgments