Trump declared no income in year he bragged to press how much cash he was raking in
Donald Trump skipped paying taxes in 1984, declaring he had no income.
Trump deducted $626,264 as expenses on his 1984 federal income tax return, and $619,227 on his New York City return. On both forms, he claimed no income.
It was a pivotal year for the 37-year-old magnate on the make, one in which he was celebrating the opening of his seminal Trump Tower, closing a casino-hotel deal in then-booming Atlantic City and angling to topple the NFL with his ill-fated purchase of the United States Football League’s New Jersey Generals. He’d made himself a near-daily figure in New York news and gossip pages, often depicted as an egomaniacal wild man who shot from the hip and raked in the bucks as he shoved and nudged his way to the top of the real-estate world.
Young Trump wasn’t shy about talking up his income, either.
In a GQ profile that May, written by Graydon Carter, Trump plugged a hotel deal in which he partnered with Hyatt to build a new Manhattan hotel on land Trump just leased—with the help of Equitable Life Assurance Society.
“He and Equitable had split their first round of profits before any of the tenants had even moved in,” Carter wrote.