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President Donald Trump had more than $270 million in debt since 2010.

New York Times reported that US President Donald Trump had $287 million worth of loans forgiven since 2010.

New York Times reported that US President Donald Trump had $287 million worth of loans forgiven since 2010.A report by the New York Times revealed that President Donald Trump had $287 million worth of loans forgiven within the past decade, with most of it related to his Trump International Hotel & Tower in Chicago. The Times' tax records show that lenders forgave hundreds of millions in debt since 2010 that Trump did not repay, amounting to most of what Trump had owed. Trump lenders, Deutsche Bank, and the hedge fund Fortress Investment Group gave Trump leeway, including extra time to pay his loans. Deutsche Bank agreed to loan Trump’s LLC $640 million for the Chicago project, including $40 million personally guaranteed by Trump. He also borrowed $130 million from Fortress Investment Group as part of a deal with a double-digit interest rate and an additional $49 million fee when repaying the loan.

Times' reported that Trump’s tax records appear to show the current president paid almost no federal income tax on the forgiven debts partly due to large losses in other businesses. Further, the Trump Organization’s chief legal officer Alan Garten said that the company and Trump appropriately paid for all taxes due on the forgiven debt.

New York Times reported that during 2016 and 2017, Trump had paid $750 in federal income taxes citing business loss. Trump has also not paid any federal income tax for 11 years in the past 18 years. He has been involved in a decade-long audit with the Internal Revenue Service over a $72.9m tax refund he claimed and received, after declaring huge losses. A ruling against him could cost him more than $100m, the Times reported. The IRS began an audit reviewing the legitimacy of the refund in 2011. The case remains unresolved to date, for unknown reasons, and could ultimately end up in federal court, where it could become a matter of public record.

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