The river of celebrity-driven income that had long buoyed them was running dry. That provision has been the background music to Mr. Trump’s life. How people feel about the … Last week, during the final presidential debate with Joe Biden, President Trump responded to claims that he only paid $750 in federal income taxes for … That equation is a key element of the alchemy of Mr. Trump’s finances: using the proceeds of his celebrity to purchase and prop up risky businesses, then wielding their losses to avoid taxes. His lawyers have argued that he enjoys total immunity while in office and that Congress has no valid justification to seek the records. But … There is far more useful information, he has said, in the annual financial disclosures required of him as president — which he has pointed to as evidence of his mastery of a flourishing, and immensely profitable, business universe. The BBC is not responsible for the content of external sites. Mr Trump has come under fire from Democrats for years for not making his tax returns public as his predecessors did. Mr. Trump classified the Seven Springs estate as an investment property, not a personal residence, allowing for certain tax savings. Against that backdrop, the records go much further toward revealing the actual and potential conflicts of interest created by Mr. Trump’s refusal to divest himself of his business interests while in the White House. This is also far from the first controversy Mr Trump has needed to overcome in the run-up to an election. The tax records reveal another way Seven Springs has generated substantial tax savings. The Trump National Golf Club in Los Angeles, another site where Mr. Trump has claimed a conservation-easement deduction. By Russ Buettner, Susanne Craig and Mike McIntireSept. Tax law requires the committee to weigh in on all refunds larger than $2 million to individuals. President Donald Trump paid $750 in federal income taxes in 2016 and 2017, according to a report from The New York Times. The tax records show that the three siblings had each drawn a salary from their father’s company — roughly $480,000 a year, jumping to about $2 million after Mr. Trump became president — though Ms. Trump no longer receives a salary. He alluded to it as recently as July on Fox News, when he told Sean Hannity, “They treat me horribly, the I.R.S., horribly.”, And while the records do not lay out all the details of the audit, they match his lawyers’ statement during the 2016 campaign that audits of his returns for 2009 and subsequent years remained open, and involved “transactions or activities that were also reported on returns for 2008 and earlier.”. US faces bleak winter amid worst Covid wave yet, UK v US in Call of Duty showdown. What Trump did there is directly deny (on tape!) In 2016, Trump paid only $750 in federal income tax, and in 2017, he paid another $750 in federal income tax. Donald Trump, a self-proclaimed billionaire, paid only $750 in federal income taxes in the year he was elected US president, according to a stunning New … But there is no evidence that Mr. Trump, who mostly licenses his name to other people’s projects and is not involved in securing government approvals, has engaged in such practices. The I.R.S. Profits there rose sharply after Mr. Trump declared his candidacy, as courtiers eagerly joining up brought a tenfold rise in cash from initiation fees — from $664,000 in 2014 to just under $6 million in 2016, even before Mr. Trump doubled the cost of initiation in January 2017. Is global warming making hurricanes stronger? At Doral, after Mr. Trump declared his candidacy in June 2015, credit card revenue more than doubled, to $13 million, for the three months through August, compared with the same period the year before. They report that Mr. Trump owns hundreds of millions of dollars in valuable assets, but they do not reveal his true wealth. “If I’m not going to run it, I don’t want to be involved in it,” he told The Associated Press. It is possible that the case has been paused because Mr. Trump is president, which would raise the personal stakes of re-election. They comprise information that Mr. Trump has disclosed to the I.R.S., not the findings of an independent financial examination. NBC, his partner in Miss Universe — source of nearly $20 million in profits — announced that it would no longer broadcast the pageant; he sold it soon after. Susanne Craig and TRUMP PAID JUST $750 IN TAXES IN BOTH 2016 and 2017. But the full financial measure of his extraordinary confluence of interests — a president with a wealth of business entanglements at home and in myriad geopolitical hot spots — has remained elusive. Mr. Trump had paid no income taxes in 2008. Mr Trump has denied wrongdoing and called the investigation into his tax affairs a "witch hunt". Mr. Trump still has assets to sell. Covid vaccines: Will drug companies make bumper profits? The tax data examined by The Times provides a road map of revelations, from write-offs for the cost of a criminal defense lawyer and a mansion used as a family retreat to a full accounting of the millions of dollars the president received from the 2013 Miss Universe pageant in Moscow. Based on the financial disclosures, which report much of his income in broad ranges, Mr. Trump’s earnings from the Istanbul towers could have been as low as $3.2 million. The New York Times (NYT) reporting alleges large scale tax avoidance, which may be controversial but is not illegal. Mysterious big payments in business deals can raise red flags, particularly in places where bribes or kickbacks to middlemen are routine. “I love depreciation,” Mr. Trump said during a presidential debate in 2016. After plans for a Trump-branded mini-city on the Far West Side of Manhattan stalled in the 1990s, Mr. Trump’s stake was sold by his partner to Vornado Realty Trust. 27, 2020. That set off what tax professionals refer to as a “quickie refund,” a check processed in 90 days on a tentative basis, pending an audit by the I.R.S. Eric, Ivanka and Donald Trump Jr. with their father at an announcement of the Vancouver hotel project in 2013. At the Mar-a-Lago club in Palm Beach, Fla., a flood of new members starting in 2015 allowed him to pocket an additional $5 million a year from the business. In 1995, the year Mr. Trump broke ground on the Trump International Hotel and Tower in New York, he would declare losses of $915.7 million — a sum so large, it could be carried forward to cancel out taxable income for years. The legitimacy of that refund is at the center of the audit battle that he has long been waging, out of public view, with the I.R.S. Its tax records show losses through 2018 of $55.5 million. Tax records do not have the specificity to evaluate the legitimacy of every business expense Mr. Trump claims to reduce his taxable income — for instance, without any explanation in his returns, the general and administrative expenses at his Bedminster golf club in New Jersey increased fivefold from 2016 to 2017. Trump must turn over tax returns, federal court rules. As he settled into the Oval Office, his tax bills soon returned to form. portray a businessman who takes in hundreds of millions of dollars a year yet racks up chronic losses that he aggressively employs to avoid paying taxes. Vornado tenants include a roster of blue-chip firms paying multimillion-dollar leases, many of whom regularly do business with, lobby or are regulated by the federal government. The credit card data does not reflect total revenue, and is useful mainly for showing short-term ups and downs of consumer interest in a business. The New York Times’ claim that President Donald Trump paid just $750 in federal income taxes in 2016 and 2017 is wrong, based on a flawed understanding of how taxes are paid. When Turkish-American relations were at a low point, a Turkish business group canceled a conference at Mr. Trump’s Washington hotel; six months later, when the two countries were on better terms, the rescheduled event was attended by Turkish government officials. Investigators were examining Donald Jr.’s role in the 2016 Trump Tower meeting with Russians who had promised damaging information on Mrs. Clinton. They reveal the hollowness, but also the wizardry, behind the self-made-billionaire image — honed through his star turn on “The Apprentice” — that helped propel him to the White House and that still undergirds the loyalty of many in his base. Analysts have predicted that the hotel business will not fully recover until late 2023. The president also remains engaged in a long-running battle with the Internal Revenue Service (IRS) over the $72.9m tax refund he received. “I would love to do that,” Mr. Trump said in 2014 when asked whether he would release his taxes if he ran for president. In the spring of 2016, with Mr. Trump closing in on the Republican nomination, the case was sent back to the committee. Mr. Agalarov’s father, Aras, a billionaire who boasts of close ties to Mr. Putin, was Mr. Trump’s partner in the event. .css-14iz86j-BoldText{font-weight:bold;}The New York Times has obtained decades of tax information on US President Donald Trump. The law created new income tax brackets that changed what many Americans pay in taxes. The collective and persistent losses he reported from them largely absolved him from paying federal income taxes on the $600 million from “The Apprentice,” branding deals and investments. But evidence of this arrangement was gleaned by comparing the confidential tax records to the financial disclosures Ivanka Trump filed when she joined the White House staff in 2017. The leak of Mr. Nixon’s small tax payment caused a precedent-setting uproar: Henceforth, presidents, and presidential candidates, would make their tax returns available for the American people to see. That is borne out by the tax records. Whether or not Seven Springs fits those criteria, the Trumps have described the property somewhat differently. Since then, he has written off $2.2 million in property taxes as a business expense — even as his 2017 tax law allowed individuals to write off only $10,000 in property taxes a year. If the singular Trump product is Trump in an exaggerated form — the man, the lifestyle, the acquisitiveness — then everything that feeds the image, including the cost of his businesses, can be written off on his taxes. Mar-a-Lago, where a flood of new members starting in 2015 allowed Mr. Trump to pocket an additional $5 million a year from the business, is also a source of millions in tax deductions. for income taxes he might owe — $1 million for 2016 and $4.2 million for 2017. By 2005, his fortunes had turned and he was paying income taxes: He had exhausted the tax-reducing power of that nearly $1 billion loss just as he began to see a surge of celebrity income after “The Apprentice” debuted. The materials reviewed by The Times do not make clear whether Mr. Trump’s refund application reflected his public declaration of abandonment. What’s more, the tax records show that Mr. Trump has once again done what he says he regrets, looking back on his early 1990s meltdown: personally guaranteed hundreds of millions of dollars in loans, a decision that led his lenders to threaten to force him into personal bankruptcy. The material obtained by The Times does not identify the business or businesses that generated those losses. In fact, it was — I guess it was signed even. “It was home base for us for a long, long time,” Eric told Forbes. He reported paying taxes, in turn, on a number of his overseas ventures. In Trump’s first two years in office, he filed for extensions for taxes on the prior years tax filing and paid estimated taxes on those. He paid no federal income taxes for 2014. This was largely because Mr Trump declared substantial losses on his … Transcripts of his main federal tax form, the 1040, from 1985 to 1994, were obtained by The Times in 2019. requires that they be “ordinary and necessary,” a loosely defined standard often interpreted generously by business owners. “I’m one of the largest developers in the world. They showed that, in many years, Mr. Trump lost more money than nearly any other individual American taxpayer. What’s more, Mr. Trump has said the children were intimately involved in negotiating and managing his projects. After tabulating all the profits and losses from Mr. Trump’s various endeavors on Form 1040, the accountants came to Line 56, where they had to enter the total income tax the candidate was required to pay. The full $100 million comes due in 2022. Donald J. Trump paid $750 in federal income taxes the year he won the presidency. As the president wages a re-election campaign that polls say he is in danger of losing, his finances are under stress, beset by losses and hundreds of millions of dollars in debt coming due that he has personally guaranteed. He once boasted that his tax returns were “very big” and “beautiful.” But making them public? Mr. Yalcindag said he had “remained friendly” with Mr. Trump since their work together years ago, but that all communications between his trade group and the administration “go through formal channels and are properly disclosed.”. Trump taxes: Supreme Court says New York prosecutors can see records, Polish women forced abroad for abortion. In 2016, he gave up on getting paid back and turned the loan into a cash contribution. Mr Trump paid no federal income taxes in 10 of the last 15 years, according to the New York Times. In Azerbaijan, he collected more than $5 million for the failed hotel project, about twice what appeared on his public filings. Several leading Republicans have backed him on that. You can read our detailed full story here. If it did, that 5 percent could place his entire refund in question. For Mr. Trump, that bottom line must have looked familiar. Here’s how his accountants arrived at that figure in 2017. At one point, the brothers took up residence in a carriage house on the property. His company has paid more than $15 million in interest on the loan, but nothing on the principal. .css-1xgx53b-Link{font-family:ReithSans,Helvetica,Arial,freesans,sans-serif;font-weight:700;-webkit-text-decoration:none;text-decoration:none;color:#FFFFFF;}.css-1xgx53b-Link:hover,.css-1xgx53b-Link:focus{-webkit-text-decoration:underline;text-decoration:underline;}Read about our approach to external linking. Ms. Trump had been an executive officer of the Trump companies that received profits from and paid the consulting fees for both projects — meaning she appears to have been treated as a consultant on the same hotel deals that she helped manage as part of her job at her father’s business. But there are a few catches, including this: Abandonment is essentially an all-or-nothing proposition. The main house, built in 1919 by Eugene I. Meyer Jr., the onetime head of the Federal Reserve who bought The Washington Post in 1933, sits on more than 200 acres of lush, almost untouched land just an hour’s drive north of New York City. President Trump signed the Tax Cuts and Jobs Act (TCJA) into law on Dec. 22., 2017, bringing sweeping changes to the tax code. There is a lot to get through, so here are some of the main points you need to know. Rather, there appears to be a closer-to-home explanation for at least some of the fees: Mr. Trump reduced his taxable income by treating a family member as a consultant, and then deducting the fee as a cost of doing business. He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made. And the businesses carrying the bulk of the debt — the Doral golf resort ($125 million) and the Washington hotel ($160 million) — are struggling, which could make it difficult to find a lender willing to refinance it. 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