If 'Times' is right, Trumps could face $400M state tax bill

[Miles Archer]

October 03, 2018 02:48 PM UPDATED 5 HOURS AGO
If 'Times' is right, Trumps could face $400M state tax bill
The president is trustee to his parents’ estates—which could put him in line to pay a bigger share

AARON ELSTEIN

https://www.crainsnewyork.com/politics/if-times-right-trumps-could-face-400m-state-tax-bill



President Donald Trump and his siblings could owe New York state more than $400 million in unpaid taxes, interest and penalties based on the New York Times report that their parents handed down more than $1 billion worth of real estate and cash.

Based on the figures provided in the Times article, the Trumps could be on the hook for $210 million in unpaid gift or estate taxes and a similar amount in unpaid interest and penalties, according to Fred Slater, a CPA who has advised real estate professionals for more than 40 years. Janis Cowhey, a trust and estates partner and leader of the modern family group at accounting firm Marcum, agreed that Slater's estimate is sensible.

Slater added that President Trump could be liable for a larger share than his sisters and brother because as trustee he signed the tax returns for the estates. The state Department of Taxation and Finance says it is "vigorously pursuing all appropriate avenues of investigation."

"The state is nasty about this kind of stuff," said Slater, who is familiar with the techniques allegedly used by the Trumps to minimize their tax bills.

[BigmanPigman]

1. I wonder if Mueller gave this info to the NYTimes.

He may have tipped them off since they have all of the Con's financial info. They have had his taxes for a long time.

[Bfd]

3. Ha! Yup. Hey tax evasion is how they brought down that other NY mob boss.

Capone, wasn't it?

[DinahMoeHum]

4. It was in Chicago, but the point is made.

n/t

[Bfd]

6. Thanks. Yes, Chicago.

Kavanaugh better be voted down.
Trump needs him to save his ass from financial ruin & jail.

Kav is truly the only ace missing from the republican's deck at this point.

Kav would vote Trump to be untouchable. From anything. Ever.

[SunSeeker]

9. One of Shitler's cousins died recently, leaving behind a basement full of boxes of financial docs

One of the authors of the NYT article was being interviewed on MSNBC last night and when that was brought up as a possible source of the hundreds of thousands of docs, she just got a Cheshire cat grin on her face and would not confirm or deny.

[BigmanPigman]

11. And the host didn't push him for a response? Damn!

[SunSeeker]

12. The author was a her. She made it clear she was not spilling sources.

Can't say I blame her. She doesn't want to chill further sources. She was on Rachel Maddow last night.

[Bfd]

2. Great! Hope they sieze Mar a Lago.

And that hotel he's profitting from. The one near the Capitol, used to be a post office bldg.

And his stupid huge plane. The one with 'Trump' plastered on the side of it.

He can't use campaign or political Pac money to pay the tax debt can he?

[Meadowoak]

5. I doubt trump has $400M unless Putin pays it.

[SunSeeker]

10. Yep. Putin has at least $200B stashed. nt

[SunSeeker]

7. K & R

[Kaleva]

8. Don't forget the NYC tax bill.

[Scurrilous]

13. K&R