Trump says report he lost over $1 billion is 'inaccurate'
WASHINGTON — President Donald Trump says a New York Times report that his businesses lost more than $1 billion from 1985 to 1994 is “highly inaccurate.”
The newspaper, citing information from Trump’s tax transcripts, reported business losses of $46.1 million in 1985, and a total of $1.17 billion in losses for the 10-year period.
Trump tweeted Wednesday that real estate developers during that period were “entitled to massive write offs and depreciation” that would “show losses and tax losses in almost all cases.” He tweeted that much of those losses were “non monetary.”
Trump said, “You always wanted to show losses for tax purposes” and “renegotiate with banks.” Trump called that “sport.”
He said the Times story was based on “very old information” and a “highly inaccurate Fake News hit job!”
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,” ......
— Donald J. Trump (@realDonaldTrump) May 8, 2019
....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!
— Donald J. Trump (@realDonaldTrump) May 8, 2019
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