Newly-surfaced Trump tax receipts suggest major inconsistencies

President's financial records reveal 'stark differences' between reports to lenders and tax officials

Treasury Secretary Steve Mnuchin says the battle for President Trump's tax returns might ultimately have to be decided in court

An explosive new report details “stark differences” in how Donald Trump reported his business assets to lenders and New York City tax officials.

Experts say the discrepancies suggest a pattern in which the president made his businesses appear more profitable to lenders who gave him money for his ventures, and less profitable to the tax officials responsible for reviewing his finances.

He also reportedly inflated occupancy rates at his Manhattan building in documents to lenders, which experts said made his real estate property appear more profitable than it actually was.

The documents were obtained by ProPublica and first reported on Wednesday morning.

The documents Mr Trump provided to his lenders compared to those he gave the tax department in his home state appeared to show “two sets of books”, according to financing expert and New York University real estate professor Kevin Riordan, who reviewed the documents.

“It really feels like there’s two sets of books — it feels like a set of books for the tax guy and a set for the lender,” he told the outlet.

He added: “It’s hard to argue numbers. That’s black and white.”

For example, whereas Mr Trump reported he took out insurance for his New York property that totalled $744,521 (£579,822) in a report to tax officials, he told lenders the insurance only cost him $457,414 (£356,227) in records that same year, according to ProPublica’s reporting.

Nancy Wallace, a University of California-Berkeley finance and real estate professor at the Haas School of Business, described the reported discrepancies as “versions of fraud”.

“This kind of stuff is not OK,” she told ProPublica.

The report arrives as the House moves closer to receiving the president’s tax documents from Mazars USA, the longtime accountant of Mr Trump which has withheld his returns while awaiting court proceedings.

Mr Trump lost his appeal in a 2-1 ruling at the US Court of Appeals for the District of Columbia last week.

Support free-thinking journalism and attend Independent events

The ruling says Mazars USA must comply with a subpoena from the House requesting more than eight years of Mr Trump’s financial records.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

By clicking ‘Create my account’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in