Let Valuation Tech Help Improve Your Collateral Valuation

Join this webinar to learn how technological advancements in valuation provide solutions to help lenders and servicers deliver more comprehensive offerings to their clients.

Talking proptech with FinLedger Director Holden Page

In this episode, Page discusses the hottest topics coming across FinLedger’s news desk. Topics include: the online banking market, what’s happening in the proptech space and recent private market deals.

With a reinvigorated CFPB, what’s next for the NYDFS?

While the CFPB is reinvigorated under the Biden administration, there’s plenty of room for it to retake a leading role and coordinate with the NYDFS.

Does your CRM hurt or help the customer experience?

In real estate, data is king. The more you leverage your own data the better off your agents or loan officers will be because they’ll be able to identify, target and create better customer experiences.

InvestmentsMortgageReal Estate

New York opens investigation into Trump real estate tax fraud allegations

State officials respond to bombshell New York Times report

New York state officials are investigating whether President Donald Trump, his father, and his family committed tax fraud in a series of complex real estate dealings designed to avoid federal tax laws, which supposedly built the president’s fortune, multiple outlets report.

The investigation comes in the wake of a sprawling New York Times investigation into the Trump family and how the president made his money.

The article claims that Donald Trump made much of his money early in life from his father, Fred Trump, via a series of “tax dodges.”

From the New York Times piece:

Mr. Trump won the presidency proclaiming himself a self-made billionaire, and he has long insisted that his father, the legendary New York City builder Fred C. Trump, provided almost no financial help.

But The Times’s investigation, based on a vast trove of confidential tax returns and financial records, reveals that Mr. Trump received the equivalent today of at least $413 million from his father’s real estate empire, starting when he was a toddler and continuing to this day.

Much of this money came to Mr. Trump because he helped his parents dodge taxes. He and his siblings set up a sham corporation to disguise millions of dollars in gifts from their parents, records and interviews show. Records indicate that Mr. Trump helped his father take improper tax deductions worth millions more. He also helped formulate a strategy to undervalue his parents’ real estate holdings by hundreds of millions of dollars on tax returns, sharply reducing the tax bill when those properties were transferred to him and his siblings.

According to the article, the president’s parents gave more than $1 billion to their children, all while paying approximately $500 million less in taxes than they should have.

The article, put simply, claims that the president and his family committed tax fraud and have done so for decades.

After the article’s publication, New York Mayor Bill de Blasio said that he is asking New York City’s Department of Finance to investigate the claims.

Trump, as he is wont to do with stories that paint him in a negative fashion, denied the claims in the Times article in his typically colorful style.

White House Press Secretary Sarah Huckabee Sanders also denied the Times’ claims, calling the article a “totally false attack.”

Regardless of what Trump or the White House claims, the state of New York is now investigating the Times article’s claims.

From CNBC:

"The Tax Department is reviewing the allegations in the NYT article and is vigorously pursuing all appropriate avenues of investigation," a spokesman from the New York State Department of Taxation and Finance said in an email to CNBC.

And now we wait to see what happens next.

Most Popular Articles

Will we ever see a “normal” housing market again?

The question on everyone’s minds: When will this hot housing market cool down? Arch MI investigates this and more in its Spring Housing and Mortgage Market Review.

Jun 22, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please