David Rosenbloom Talks to Bloomberg on Trump's Interest Income
President Donald Trump earned a large amount of interest income two decades ago that was used in tandem with then-burgeoning losses to help him avoid paying federal taxes, according to newly published tax details.
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“People will sometimes go out of their way to generate income, because they have expiring NOLs and they want to absorb them,” according to H. David Rosenbloom, a tax partner at Caplin & Drysdale. “People go through hoops” in order to avoid losing that tax benefit,” he said. “There’s nothing illegal about it.”
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“I’m skeptical that” the new details “demonstrate real economic losses, as opposed to tax losses on paper, Rosenbloom said. “There’s plenty of that in the real estate industry.”
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Excerpt taken from the article “Trump’s ‘Abnormal’ Interest Income Two Decades Ago Came Tax-Free” by Lynnley Browning for Bloomberg.