President Trump blamed 'write offs' and 'depreciation' for millions in business losses in the 1980s and 1990s detailed in tax returns that are the subject of a New York Times report.
WASHINGTON – President Donald Trump blamed"write offs" and"depreciation" for millions in business losses in the 1980s and 1990s detailed in tax returns that areTrump also disputed the New York Times story saying his businesses lost more than $1 billion from 1985 to 1994, but did not specify his objections.
"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," Trump tweeted early Wednesday. In a pair of tweets, he added:"Much was non monetary. Sometimes considered “tax shelter,” ... 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."
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,” ......Trump also said that"the very old information put out is a highly inaccurate Fake News hit job!" but did not specifically say what he claims is wrong with the story.
The Times reported Trump reported business losses of $46.1 million in 1985, and a total of $1.17 billion in losses over a ten-year period beginning that year,
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