New Trump Tax Documents Show Wild Inconsistencies

Newly unearthed tax documents show stark differences in how Donald Trump’s real-estate businesses reported losses and profits at two Manhattan buildings, depending on who the intended audience was. ProPublica reports it obtained documents showing Trump’s business gave a lender very different figures than ones provided to New York City tax authorities. The numbers made buildings appear more profitable to the lender, and less profitable to the officials who determined its property tax. The figures show “versions of fraud,” said Nancy Wallace, a finance professor at the University of California at Berkeley, adding: “This kind of stuff is not OK.” Trump reportedly informed the lender that he took in double the amount of rent from one building as he reported to the tax office in the same year, and gave out two different occupancy figures. New York City’s tax forms state that “false filings are subject to all applicable civil and criminal penalties.”

Trump has an easement to lease the roof space; he doesn’t own it. But three tax experts, including Melanie Brock, an appraiser and paralegal who has worked on hundreds of New York City tax cases, told ProPublica that the income should still be reported on the tax appeals forms.

It’s hard to guess what might explain every inconsistency, said David Wilkes, a New York City tax lawyer who is chair of the National Association of Property Tax Attorneys. But, he added, “My gut reaction is it seems like there’s something amiss there.”

Tax records for Trump personally and for his business continue to be subjects of contention in multiple investigations. The Justice Department has intervened in the investigation by the Manhattan district attorney, whose office has sought Trump’s personal tax returns. Congressional lawmakers investigating his business dealings have sought documents from his longtime accountant, Donald Bender, a partner at Mazars. Trump is fighting the subpoenas in court. (Bender did not respond to requests for comment.)

Such communications, the subpoena stated, should include any related to potential concerns that information Trump or his representatives provided his accountants was “incomplete, inaccurate, or otherwise unsatisfactory.