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What we know about Trump’s tax returns: Foreign accounts, Melania’s modelling, no charity in 2020

Funviralpark 1 year ago 0 4

On Friday, the House Ways and Means Committee released former President Donald Trump’s 2015-2020 tax returns. The announcement is the culmination of a long-running legal battle between the former president and the commission, in which Democrats now control the majority.

Democrats released filings Trump refused to release during his two presidential campaigns and during his White House term, days before Republicans took control of the House after the November election.

The commission reviewed the former president’s tax filings last week after releasing a report on his taxes. It turns out that a forced audit was initiated for only one of the Designated as a loan to avoid gift tax.

Tax returns are not only for Trump’s personal finances with wife Melania, but also for his business. Independent, comb through them. But here’s a rolling list of the most interesting revelations from his tax returns.

Trump cut charitable giving to zero in final year as president

The former president’s failure to make charitable contributions with his own money came under scrutiny during the 2016 presidential election. Washington PostAt the same time, when Trump ran for president, he said he would donate the president’s salary to charity. And his White House press secretary, Kayleigh McEnany, declared in a tweet sent in March 2020 that he would donate his $100,000 to the Department of Health and Human Services.

However, the former president did not donate money to charity in 2020, according to a joint income tax return with Trump, according to line 10b of the 1040 tax return. -19 due to reporting losses of $4.7 million during the pandemic.

Fred Trump’s legacy loomed large

The former president has often claimed to be a self-made man, but in reality his father’s presence is all over Trump’s tax returns.

Trump’s 2018 financial results show net losses from the sale of real estate purchased or built during his tenure when he led the Trump Organization. However, in the same year, he reported net income for that category, totaling over $24 million, thanks to major gains from the sale of real estate inherited by his inheritance.

This could indicate how real estate associated with Donald Trump himself has operated thanks to his controversial entry into politics.

Trump claimed taxable income or losses in China, Israel, Kanda and other foreign countries

One of Trump’s major concerns throughout his presidency and campaign was that he would be watched by foreign governments due to his multiple business entanglements.

His tax returns include Azerbaijan, Panama, Qatar, India, Canada, People’s Republic of China, St. Martin’s, United Kingdom, Ireland, United Arab Emirates, Puerto Rico United States, Indonesia, Israel, Turkey, Uruguay and Dominican Republic. He also mentioned “other countries”.

foreign bank account

During his time in the White House, Trump had foreign bank accounts in China, the UK, Ireland and St. Martin. In his first year in office, he paid more taxes abroad than in the United States.

melania modeling money

Before marrying Trump, the former first lady enjoyed a modeling career. It turns out that she also made money from corporations while she was in the White House. In 2020, Trump listed “modeling” as his main business, earning $3,848 in gross income.

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