Speed Reads

Trump Taxes

Most of Trump's charitable tax write-offs are reportedly for not developing property he owns

President Trump's tax records show he has classified his Seven Springs estate in Bedford, New York, as an investment property, The New York Times reports, but his son Eric Trump has described it as his family's "home base."

Seven Springs sits on 200 acres and boasts three pools and multiple carriage houses, according to the Trump Organization. Trump purchased the property in 1996 with the intention of building 15 private homes, a golf course, and a clubhouse on the land, but local residents were able to stop the development, citing concerns over traffic and pollution.

In 2014, Trump classified Seven Springs as an investment property rather than a personal residence, and since then he has written off $2.2 million in property taxes as a business expense, the Times reports. That same year, Eric Trump told Forbes Seven Springs is "really our compound," and served as "home base for us for a long, long time." The Trump Organization's website also says the property is currently "used as a retreat for the Trump family."

Trump also placed a conservation easement on the land in 2015, meaning he signed a deal with a land conservancy, agreeing to leave most of the property untouched. In exchange for this, Trump claimed a $21.1 million charitable tax donation, the Times reports. His tax records show that over the years, Trump has claimed four conservation easement deductions on his taxes, which represent about $119.3 million of the roughly $130 million in personal and corporate charitable contributions he has reported to the Internal Revenue Service, the Times reports. When asked for comment about Seven Springs, Alan Garten, a lawyer for the Trump Organization, did not respond.