Trump calls report that he lost $1B in bad deals ‘Fake News hit job’

President Trump on Wednesday blasted a “Fake News hit job!” for a report that said he lost more than $1 billion on bad deals decades ago and claimed he was just haggling with banks like other developers at the time.

​”Real estate developers in the 1980’s & 1990’s, more than 30 years ago, were entitled to massive write offs and depreciation which would, if one was actively building, show losses and tax losses in almost all cases​,” Trump wrote in two tweets to counter a New York Times report.

“Much was non monetary. Sometimes considered ​’​tax shelter,​’​ you would get it by building, or even buying. You always wanted to show losses for tax purposes….almost all real estate developers did – and often re-negotiate with banks, it was sport​,” the president said.

“​Additionally, the very old information put out is a highly inaccurate Fake News hit job!​,” he concluded.

The Times, citing copies of IRS tax transcripts from 1985 to 1994, said Trump took a bath on casinos, hotels and retail space for a total loss of $1.7 billion during that decade.

And comparing those IRS documents to other high-income earners, the newspaper said Trump appeared to have lost more money than any other individual tax-payer during that time. ​

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