Donald Trump, Seven Springs and his $21 million tax deduction draw scrutiny
As real estate mogul Donald Trump pursued the Republican nomination for president in late 2015, he used federal tax laws to his considerable advantage at the 220-acre estate called Seven Springs that he'd purchased 20 years earlier.
He put much of the land under a conservation easement worth $21 million, which was part of the strategy that may have helped lower the self-proclaimed billionaire’s federal tax bill to just $750 in 2016 and $750 in 2017, according to a recent New York Times investigation.
The tax deal involved an easement on 159 acres of the estate’s land in Bedford, North Castle and New Castle, with Trump giving up development rights for as many as 45 homes. The $21 million deduction, when fully realized, could result in tax savings of as much as $10 million for someone like Trump, in top state and federal tax brackets, a Tax Watch analysis found.
Those savings were $2.5 million more than he paid for the entire estate in 1995.
https://www.yahoo.com/news/donald-trump-seven-springs-21-194715478.html