How Does The IRS Tax Presidential Candidates Spending?

[fmdog44]

The candidates running for the office that spend millions of their own money, how dose the IRS handle that money?

 

[Pepper]

Bloomberg, i.e., is spending money, not accruing it, so why should he be taxed? The money has already been earned and taxed.

 

[fmdog44]

Bloomberg, i.e., is spending money, not accruing it, so why should he be taxed? The money has already been earned and taxed.

I was thinking more along the lines of do they get any of it back? How is it entered on tax forms?

 

[Aunt Bea]

The IRS says no.

Campaign Expenses
You can't deduct campaign expenses of a candidate for any office, even if the candidate is running for reelection to the office. These include qualification and registration fees for primary elections.

https://www.irs.gov/publications/p529#en_US_2019_publink10004475

 

[Butterfly]

I was thinking more along the lines of do they get any of it back? How is it entered on tax forms?

Well they wouldn't enter it on tax forms at all, I would imagine, because it doesn't count as a deduction. The IRS doesn't care what you spend your money on -- it just wants its share of what you earn.

Why would the candidate get any of it back?

 

[fmdog44]

Well they wouldn't enter it on tax forms at all, I would imagine, because it doesn't count as a deduction. The IRS doesn't care what you spend your money on -- it just wants its share of what you earn.

Why would the candidate get any of it back?

Because most of them are politicians and all politicians are crooks there fore I would not be shocked to see them get a portion of it back seeing that they vote themselves raises and get life long pensions after serving one term!

 

[Camper6]

We are talking about a deductible expense reducing your total tax? Only if you set up a corporation. A business can claim expenses against revenue. An individual can only follow what is allowed.
For instance donations to charities. And depending on the state as well.