US President Donald Trump has denied an expose by The New York Times saying he effectively paid no income tax for most of the past two decades, but experts said the methods it was reported he employed to reduce his bill are commonly used by wealthy property developers to file zero-liability tax returns.
Also read: Trump paid $750 in income taxes in 2016, 2017: NYT
In addition to real estate tax breaks, Trump could also benefit from a broad flexibility available to the super-rich to report personal expenses, such using their own private jets and holiday homes, as deductible business costs, they say.
“It would be very common for my wealthier clients in the world of real estate to report losses or to break even,” said Robert Keebler who runs a tax advisory firm in Green Bay, Wisconsin, which serves high net worth clients.
“It’s not something cooked up in