(NBC News) President Trump admitted Wednesday to taking massive tax write-offs of $1.17 billion for real estate losses from the mid 1980s to mid 1990s.
“Real estate developers in the 1980’s & 1990’s, more than 30 years ago, were entitled to massive write offs and depreciation which would, if one was actively building, show losses and tax losses in almost all cases. Much was non monetary. Sometimes considered “tax shelter” the President tweeted, adding “….you would get it by building, or even buying. You always wanted to show losses for tax purposes….almost all real estate developers did – and often re-negotiate with banks, it was sport. Additionally, the very old information put out is a highly inaccurate Fake News hit job!”
The president was responding to a New York Times report detailing his business losses.
“He is an outlier. He can say ‘It’s depreciation’ and other things.’ He just lost a lot of money because he’s not a great businessman,” says New York Times investigative reporter Susanne Craig.
The Times report states “Year after year, Mr. Trump appears to have lost more money than nearly any other individual American tax payer.”
The losses were so big he didn’t have to pay income taxes for eight years.
NBC News has not independently reviewed the tax information. The Times says it obtained the president’s tax returns from someone with legal access to them and matched the figures to public IRS data.
The report comes as Treasury Secretary Steve Mnunchin continues to refuse to hand over the last six years of the president’s personal and business returns to the House Ways and Means Committee.
Mnunchin says the committee has no legitimate reason to demand those returns.
Mr. Trump is the first president since the Watergate era to refuse to make his tax returns public.
Read more: https://nbcnews.to/2V73AsQ