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May 7, 2019, 7:33 p.m. EDT

Trump claimed over $1 billion in financial losses from 1985-'94: report

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By Mike Murphy

Donald Trump reported massive financial losses to the IRS totaling more than $1 billion over a 10-year span when his reputation as a dealmaker was peaking, the New York Times reported late Tuesday. Citing figures acquired from IRS tax transcripts, though not the actual tax returns, between 1985 and 1994, the Times found Trump appeared to have lost the most money over that span than any other single American taxpayer. "His core business losses in 1990 and 1991 - more than $250 million each year - were more than double those of the nearest taxpayers in the IRS information for those years," the Times said. The losses were so big that Trump did not have pay any federal income tax for eight of those 10 years, the Times found. Trump was apparently in far worse financial shape at that time than he had let on, and reported negative adjusted gross income for all 10 of those years, ranging from losses of $4.5 million to $918.5 million. In all, Trump's losses totaled $1.17 billion, the Times said. A lawyer for Trump told the Times that the figures were incorrect, but cited no specific errors.

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