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Here's How Trump Transferred Wealth to His Son While Avoiding the Usual Taxes
Retweeted by David Fahrenthold: https://twitter.com/Fahrenthold
The Trump Organization, the White House and Eric Trump did not respond to requests for comment.
Link to tweet
Here’s How Trump Transferred Wealth to His Son While Avoiding the Usual Taxes
Donald Trump sold two condos to Eric in April 2016 at a steep discount. But he doesn’t appear to be on the hook for gift taxes.
by Derek Kravitz and Cezary Podkul, ProPublica, and Will Parker, The Real Deal, July 5, 2017, 8 a.m.
This story was co-published with The Real Deal.
In April 2016, as Donald Trump was on the cusp of clinching the Republican nomination for the White House, he sold two luxury condos near Manhattan’s Central Park for less than half the price his company had said they were worth. The lucky buyer: Trump’s son, Eric.
Such family-friendly deals would normally incur hundreds of thousands of dollars in gift taxes. ... But in this case, Trump appears unlikely to have been on the hook for anywhere near that, thanks to benefits only available to real estate developers.
Eric Trump bought the two condos on the two top floors of the Trump Parc East building at 100 Central Park South for $350,000 each. Trump Organization filings show that, as of February 2016 — two months before Trump sold the apartments to Eric — the condos were priced at $790,000 and $800,000. A similar one-bedroom condo on a lower floor at the same building sold for $690,000 in 2014.
The transactions illustrate the unique advantages that real estate developers like Trump have when passing down valuable assets between generations. ... “Not everyone has the opportunity to avoid gift taxes, just developers with developer units,” said Beth Shapiro Kaufman, an estate planning attorney and president at Caplin & Drysdale in Washington, D.C. “The biggest game in gift taxes is valuation issues.”
....
Do you have information about the Trump family’s businesses? Contact Derek at derek.kravitz@propublica.org or via Signal at 573-239-7440.
Derek Kravitz is the research editor at ProPublica.
https://twitter.com/derekkravitz
Cezary Podkul covers finance for ProPublica.
https://twitter.com/Cezary
Donald Trump sold two condos to Eric in April 2016 at a steep discount. But he doesn’t appear to be on the hook for gift taxes.
by Derek Kravitz and Cezary Podkul, ProPublica, and Will Parker, The Real Deal, July 5, 2017, 8 a.m.
This story was co-published with The Real Deal.
In April 2016, as Donald Trump was on the cusp of clinching the Republican nomination for the White House, he sold two luxury condos near Manhattan’s Central Park for less than half the price his company had said they were worth. The lucky buyer: Trump’s son, Eric.
Such family-friendly deals would normally incur hundreds of thousands of dollars in gift taxes. ... But in this case, Trump appears unlikely to have been on the hook for anywhere near that, thanks to benefits only available to real estate developers.
Eric Trump bought the two condos on the two top floors of the Trump Parc East building at 100 Central Park South for $350,000 each. Trump Organization filings show that, as of February 2016 — two months before Trump sold the apartments to Eric — the condos were priced at $790,000 and $800,000. A similar one-bedroom condo on a lower floor at the same building sold for $690,000 in 2014.
The transactions illustrate the unique advantages that real estate developers like Trump have when passing down valuable assets between generations. ... “Not everyone has the opportunity to avoid gift taxes, just developers with developer units,” said Beth Shapiro Kaufman, an estate planning attorney and president at Caplin & Drysdale in Washington, D.C. “The biggest game in gift taxes is valuation issues.”
....
Do you have information about the Trump family’s businesses? Contact Derek at derek.kravitz@propublica.org or via Signal at 573-239-7440.
Derek Kravitz is the research editor at ProPublica.
https://twitter.com/derekkravitz
Cezary Podkul covers finance for ProPublica.
https://twitter.com/Cezary
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