Trump Companies Were in the Red; He's Reaped the Rewards Since
(Bloomberg) -- Real-estate developer Donald Trump in 1992 lived in a New York luxury apartment, traveled by limousine and had personal bodyguards. That year, he also reported a negative $750 million adjusted gross income to the IRS.
How the future president could live so large while reporting such huge losses has been a question since the New York Times revealed a decade of Trump’s tax information last week. While the president claims there were paper losses that could be chalked up to real-estate activities, four tax experts said that for the president to have claimed such a giant negative income, his businesses must have bled money for years.
Real-estate developers enjoy some of the best advantages in the tax code. But the magnitude of Trump’s losses can’t be explained by that alone, the tax experts said.
To have achieved a billion dollars in losses, Trump would have had to lose actual money. And the fact that he continued to live in high style even after such failures means he would have had to either lose someone else’s money or get cash injections from another source.
’Massive Write-Offs’
Based on tax transcripts it obtained, the New York Times showed that Trump reported a negative adjusted-gross income for each of the years between 1985 and 1994 and that his core businesses lost about $1.17 billion over that period. Several Trump casinos and other properties declared bankruptcy in the early 1990s.
Charles Harder, a lawyer for Trump, did not respond to a request for comment.
https://www.msn.com/en-us/money/companies/trump-companies-were-in-the-red-he-s-reaped-the-rewards-since/ar-AABoelG
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