However, the actual story could also be completely different from the one he advised. Federal legislation holds that buyers can declare a complete loss on funding, as Mr. Trump did, provided that they obtain nothing in return. Mr. Trump did seem to obtain one thing in return: 5 % of the brand new online casino firm that fashioned when he renounced his stake. In 2011, the I.R.S. started an audit reviewing the legitimacy of the refund. Nearly a decade later, the case stays unresolved, for unknown causes, and will finally find yourself in a federal courtroom, the place it may turn out to be a matter of public file.
Mr. Trump purchased the property, which stretches over greater than 200 acres in Bedford, N.Y., in 1996. His sons Eric and Donald Jr. spent summers residing there once they had been youthful. “That is actually our compound,” Eric advised Forbes in 2014. “As we speak,” the Trump Group web site continues to report, “Seven Springs is used as a retreat for the Trump household.” Nonetheless, the elder Mr. Trump has categorized the property as a funding property, distinct from a private residence. Consequently, he has been in a position to write off $2.2 million in property taxes since 2014 — at the same time as his 2017 tax legislation has restricted people to writing off solely $10,000 in property taxes a yr.