In his first three years as president, Donald J. Trump paid $1.1 million in federal taxes before not paying any taxes as his income declined and his losses increased again. 2020, according to data released by the House committee on Tuesday.
The data, which details Mr. Trump’s federal tax returns from 2015 to his entire tenure in the White House, shows that his presidency began with a series of losses. great commercial that defined most of his work and almost did not pay. taxes. But his fortunes changed in 2018, as he reported $24.3 million in adjusted net income and paid nearly $1 million in federal taxes.
Mr. Trump’s tax returns show he was also in the black the following year, reporting $4.4 million in income and paying $133,445 in taxes. But in 2020, as the country reeled under the coronavirus pandemic, his financial situation turned upside down: Mr. Trump.
The new details about Mr. Trump’s taxes emerged from two reports released by the House Ways and Means Committee, which has waged a legal battle to obtain records from the Internal Revenue Service. which went all the way to the Supreme Court. The report contains the committee’s summary of its findings rather than the raw tax report, which is expected to be released in the coming days.
The new information adds to what is publicly known about Mr. Trump, something he has fought for years to hide. Two years ago, the New York Times released more than two decades of tax return data for Mr. Trump and the hundreds of companies that make up his business. These records told a different story than the one he was selling to the American public.
His report to the IRS shows a businessman who took in hundreds of millions of dollars a year, but racked up long-term losses that he used aggressively to avoid paying taxes. But while the first year in the White House, 2017 personal income tax data analyzed in The Times did not go well, the information released on Tuesday contains the his entire presidency.
As previously reported by The Times, Mr. Trump paid just $750 in federal income taxes and reported a $12.9 million loss in his first year as president, in keeping with a long tradition of reporting losses and paying little or no tax. not available. Newly published data shows that in 2018, the sudden increase in his income occurred mainly because he sold real estate or investments at a profit of 22 million dollars. He also saw that the business losses that he had turned over every year to reduce his income were exhausted. The source of the report is unclear.
In 2020, however, Mr. Trump returned to reporting losses. In fact, despite capital gains that boosted profits in 2018, all of its core businesses – mostly real estate, golf courses and hotels – continued to report annual losses. – worth $60 million during his tenure. He was able to return $5.47 million because he received millions of dollars in estimated tax payments that he did not pay.
Tuesday’s report also raises questions about some of Mr. Trump’s business practices, and the committee has asked the IRS to further investigate some of them. This includes his charitable giving.
Tax records previously obtained by The Times show that Mr. Trump over the years, but most of them came in the form of land grants, often after his hard work to develop them.
New tax records show that while in the White House, Mr. Trump made charitable donations, something a House committee said warrants further investigation. .
“We will ask whether these large sums are supported by the required confirmation,” the report said.
The Times’ findings were cited several times in the report, and helped shape the direction of the committee’s investigation.
For example, Mr. Trump has a home in Westchester County, NY, called Seven Springs. For many years it was classified as a private residence. Tax records obtained by The Times in 2020 showed that in 2014, Mr. Trump classified the home as an investment property.
Since then, he has deducted $2.2 million in property taxes as business expenses — even though the law allows people to write off only $10,000 in property taxes each year.
On Tuesday, the committee announced that the IRS is reviewing this tax.
The reports also showed that Mr. continued to collect interest income. Trump, who is worth $38.1 million during his administration. They don’t disclose the source of that income, but tax returns previously obtained by The Times showed that in 2017, almost all of their income came from a portion of profits from a partnership controlled by Vornado Realty Trust.
The partnership owns two valuable office towers: 1290 Sixth Avenue in Manhattan; and 555 California Street in San Francisco. Mr. Trump, who owns a 30 percent stake in the partnership, has no control over its management, and that is its strongest asset.