. While the president claims there were paper losses that could be chalked up to real-estate activities, four tax experts said that for the president to have claimed such a giant negative income, his businesses must have bled money for years.
Trump, like most developers, likely owns dozens of so-called pass-through entities such as partnerships or LLCs. Those companies don't pay income tax at the corporate level. Instead, the income flows through to their owners' personal tax returns. That means when the businesses post losses, the owners can count it against their other income, even if it has nothing to do with the business.
The more debt a developer has, the stronger the effect, said Gary DuBoff, a principal in the tax and accounting department for MBAF, an accounting firm in New York. Even if the developer only invested a fraction of his own money in the property and borrowed the rest, he still gets to take depreciation on the entire $US10 million purchase. The interest expenses on his mortgage are also deductible.
Repetti said hotel chains whose expenses might be comparable to those of casinos that Trump owned at the time show it was unlikely he could have depreciation expenses anywhere close to what he claimed in losses.
Tax havens might be a clue.
Outright crook.
Old news. Who cares.
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