Legislation

Massive mortgage bill which will hit Trump if he wins a second term

President Donald Trump is on the hook for hundreds of millions of dollars in mortgage payments that will come due in his second term if he’s re-elected president on November 3. 

The New York Times released a bombshell report on Trump’s finances Sunday, which suggested that lenders may be in the unprecedented position of deciding whether to foreclose on a sitting president.  

Two of his most famous properties: Trump Tower in New York City and Trump National Doral in Miami, Florida, have been mortgaged and those amounts will need to be paid by 2024. 

President Donald Trump is on the hook for hundreds of millions of dollars in mortgage payments that will come due in his second term of office, should he be re-elected on November 3

President Donald Trump is on the hook for hundreds of millions of dollars in mortgage payments that will come due in his second term of office, should he be re-elected on November 3

In 2012, Trump took out a $100 million mortgage on the commercial space in Trump Tower in New York City. The New York Times reported that while $15 million in interest has been paid down, the full $100 million comes due in 2022

In 2012, Trump took out a $100 million mortgage on the commercial space in Trump Tower in New York City. The New York Times reported that while $15 million in interest has been paid down, the full $100 million comes due in 2022

Trump National Doral in Miami, Florida was purchased by the president for $150 million in 2012. He owes $125 million on a mortgage on the golf property, which will come due in three years

Trump National Doral in Miami, Florida was purchased by the president for $150 million in 2012. He owes $125 million on a mortgage on the golf property, which will come due in three years

In 2012, Trump purchased Doral for $150 million. 

The Times reported that through 2018 the losses on the Florida golf property have totaled $162.3 million. 

The tax records show that Trump pumped $213 million into Doral. 

And there’s a $125 million mortgage balance on the property, which is coming due in three years, the Times report noted.  

Additionally in 2012, Trump took out a $100 million mortgage on the commercial space in Trump Tower.  

He took nearly the entire amount as a payout, the Times reported. 

And while his company has paid more than $15 million in interest on the loan, none of the principal has been paid. 

The full $100 million is due in 2022. 

Another problem area for Trump is the money he’ll owe the federal government should he lose his ongoing dispute with the Internal Revenue Service.  

The president received a 2010 IRS refund that totaled $70.1 million, as he was able to use a provision in a President Obama-approved Great Recession bill that allowed taxpayers to go back four years – instead of two – and get a tax refund if they were experiencing losses. 

That enabled Trump to request a refund for the $13.3 million in taxes he had paid in 2007, but also the $56.9 million he had paid in 2005 and 2006 when ‘The Apprentice’ gave him a huge financial bump. 

Refunds over $2 million need the approval of IRS auditors and the Congressional Joint Committee on Taxation.  

The committee received records of Trump’s IRS audit in 2011 and an agreement was reached in late 2014, the Times wrote, but then the audit resumed and grew to include Trump’s taxes for 2010 through 2013. 

The case was pushed back to the committee in spring 2016, as Trump was close to receiving the Republican nomination and has stayed there since.   

If Trump loses the case, he could owe the government more than $100 million, which would include the original sum, plus interest.  

Overall, the newspaper reported that Trump is personally responsible for loans and debt totaling $421 million, most of which is coming due within four years.   


Go to Source
Author:

Powered by WPeMatico