What Trump's Tax Returns Have Shown
Donald Trump's tax filings have been public record in pieces, but not in full. In 2020, The New York Times obtained and published Trump's federal tax returns from 1985 to 1994 and 2000 to 2017. Those records showed he paid no federal income tax in 10 of those years, including 2000, 2001, 2002, 2003, 2004, and 2015. In years he did pay, the amounts were often small—$750 in 2016 and 2017, for example.
The returns also showed Trump reported business losses that reduced his taxable income. Real estate depreciation, business expenses, and investment losses all contributed to lowering what he owed. These are legal deductions available to any business owner, though the scale of Trump's losses and the resulting tax bills drew scrutiny from tax experts and lawmakers.
Key Takeaways
- Trump's tax returns from 1985 to 2017, obtained by The New York Times, showed he paid no federal income tax in at least 10 years during that period.
- When Trump did pay federal income tax, amounts were often minimal—$750 in both 2016 and 2017—because business losses reduced his taxable income.
- Trump used legal deductions including real estate depreciation, business expenses, and investment losses to lower his tax liability.
- As president, Trump refused to release his tax returns, breaking a decades-long tradition of presidential candidates and sitting presidents doing so.
- The House Ways and Means Committee obtained Trump's returns in 2022 and released portions to the public in 2024, though some details remain redacted.
How Trump Reduced His Tax Burden
The primary tool Trump used was depreciation—a deduction that allows property owners to deduct the declining value of buildings and equipment over time. For someone with a large real estate portfolio, depreciation can create substantial paper losses even when the properties are generating income. Trump's returns showed he claimed hundreds of millions in depreciation deductions across his properties.
Trump also reported significant business losses from his ventures. Some of these came from businesses that lost money—casinos in Atlantic City, for instance, filed for bankruptcy multiple times. Other losses came from investments that declined in value. Under tax law, these losses can be carried forward to offset income in future years, which is what happened on Trump's returns.
Additionally, Trump paid accountants and lawyers substantial fees for business and tax work, which are deductible business expenses. Interest payments on business loans also reduce taxable income. None of these strategies are illegal or unusual for wealthy business owners; the difference is the scale and the resulting tax bills of near-zero in many years.
Trump's Refusal to Release Returns While President
Since the 1970s, every U.S. president and major presidential candidate has released their tax returns to the public. Trump broke this tradition in 2016 and continued refusing throughout his presidency. He cited ongoing audits by the Internal Revenue Service as his reason, though being audited does not legally prevent someone from releasing returns.
Trump's refusal became a point of political conflict. Democrats in Congress, particularly after 2018 when they controlled the House, pushed to obtain his returns through legal channels. Republicans generally defended his right to privacy. The dispute continued until after Trump left office.
How Congress Obtained and Released His Returns
In 2021, the Democratic-controlled House Ways and Means Committee formally requested Trump's tax returns from the IRS. The Trump administration had refused similar requests. Under President Biden, the IRS complied and provided the returns to the committee in 2022.
The committee kept the returns confidential for over a year before voting in December 2023 to release them to the public. In October 2024, the committee released a summary of findings and made the actual returns available, though some sensitive information was redacted to protect business details and third parties. The release included returns from 2015 through 2020, covering his final years as a private citizen and his entire presidency.
What the Released Returns Revealed
The 2022 release confirmed what the Times had reported: Trump paid minimal federal income tax in most years. The newly released returns showed he paid no federal income tax in 2020, his final year in office. In 2019, he paid $133,445. In 2018, he paid $0. In 2017, he paid $750.
The returns also showed Trump's income sources. Much came from his real estate holdings, his golf clubs, and licensing deals where his name appeared on products. During his presidency, he continued to receive income from his businesses, though he claimed to have placed them in a trust managed by his sons.
The committee's summary noted that Trump's tax returns were not audited by the IRS during his presidency, despite his claims that he was under continuous audit. This was unusual; presidents' returns are typically audited as a matter of routine.
Legal Status of Trump's Tax Strategies
Tax experts have disagreed on whether Trump's approach was aggressive but legal, or whether some deductions crossed into improper territory. The IRS has not pursued criminal charges against Trump for his tax filings, though civil disputes over specific deductions have occurred in other contexts.
The core question is whether the depreciation deductions and loss carryforwards were properly calculated and legitimately claimed. Some tax scholars argue that certain deductions were inflated or improperly applied. Others contend that Trump's accountants followed the tax code as written. Without a formal IRS audit or court case, the question remains unresolved.
Frequently Asked Questions
Did Trump break the law by not paying taxes?
No. Paying no federal income tax, while unusual for someone with Trump's wealth, is not illegal if deductions and losses are properly claimed under tax law. The question is whether specific deductions were calculated correctly—something only the IRS can determine through audit.
Why did Trump pay only $750 in some years?
Business losses and depreciation deductions reduced his taxable income to nearly zero. Under tax law, when deductions exceed income, you owe little or no tax. The IRS allows this for any business owner, though the scale of Trump's deductions was large.
Can regular people use the same deductions Trump did?
Some can, depending on their situation. Depreciation deductions explore mainly to people who own rental properties or business equipment. Business losses can offset income for any business owner. However, the IRS has rules limiting how much loss you can deduct in a single year, and these rules may explore differently to Trump's situation.
Has the IRS audited Trump's returns?
The IRS did not audit Trump's returns during his presidency, despite his repeated claims that he was under audit. After leaving office, it is unclear whether audits have begun or what their findings might be. The IRS does not publicly discuss ongoing audits.
Where can I see Trump's actual tax returns?
The House Ways and Means Committee released Trump's returns from 2015 to 2020 in October 2024. They are available through the committee's official website and have been reported on by major news outlets. Some details are redacted to protect business information.