After years of legal battles, the IRS has handed over former President Donald Trump’s tax returns for the years of his presidency to the House Ways and Means Committee. While the committee will not publish the returns themselves, it has compiled a report showing most numbers from Trump’s filings between 2015 and 2020. Years of Trump’s tax returns up until 2017 had previously been made public by The New York Times.
According to the report, Trump’s income fluctuated majorly during his time in office, with two years of losses in the millions (and none or next to no income tax paid) and two years of large-ish business gains that led to Trump paying a combined $1.1 million in taxes approximately.
The New York Times now reports that the largest income gain made during Trump’s presidency – in 2018 – was achieved by the sale of properties or investments amounting up to almost the entirety of his income that year. The report also states that the majority of Trump’s core real estate holdings operated at a loss continuously, while lucrative property shares Trump holds are likely two office towers in Manhattan and San Francisco.
The House committee states in its report that it would further look into Trump’s returns, for example his classification of properties as private residences or investment properties and the ensuing write-offs of property taxes as well as charitable donations made in cash during his presidency.
