| | | Why was Trump loaning money to his adult children? And did Trump claim gifts to his children as loans?In each year of Trump’s presidency, Trump claimed that he had loaned three of his adult children – Ivanka, Donald Jr. and Eric – undisclosed sums of money on which he collected interest.
The tax returns don’t say how much he lent them or why he gave them loans in the first place.
Between 2017 and 2020, Trump claimed he received exactly $18,000 in interest on a loan he gave his daughter Ivanka Trump and $8,715 in interest from his son Donald Trump, Jr.. In 2017 to 2019, Trump said he received exactly $24,000 from his son Eric Trump, and Eric paid him $19,605 in interest in 2020.
The bipartisan Joint Committee on Taxation said the loans and the amounts of claimed interest could indicate Trump was disguising gifts to his children. If the interest Trump claims to have charged his children was not at market rate, for example, it could be considered a gift for tax purposes, requiring him to pay a higher tax rate on the money. |
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