The losses are very real - and some are very large. Trump has once again been able to claim annual losses that wash away much of his taxable income. With the addition of money-losing golf resorts in the United States and Europe, as well as a hotel in the Old Post Office in Washington, Mr. Trump used a bold financial move to turn the tables on the I.R.S. After a brief period of indebtedness to the I.R.S., he was able to return to tax avoidance by claiming losses on the businesses he owned and operated.Īs his businesses bled money yet again, Mr. They were some of the biggest tax bills of his life and were far more than anything he would owe over the next decade, which would see him pay no taxes at all for five years and only $750 during his first year as president. But that option was largely used up by the time his “Apprentice” and licensing profits kicked in, and over a three-year period starting in 2005, he paid over $70 million to the Internal Revenue Service. Trump had long managed to sidestep taxes in part because of nearly $1 billion in business losses he incurred in the 1990s and could carry forward to cancel out income in future years. Trump suddenly found himself having to pay income taxes for the first time in years. With so much money pouring in from his newfound celebrity and the branding associated with it, Mr. Trump, but it also left him with something unfamiliar: a large tax bill.
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