President Trump's infamous $1 million loan may have sparked his real estate business, but the $413 million he reportedly received from his father's own empire probably helped too.
President Donald Trump sold himself to voters during his presidential campaign as a self-made billionaire whose fortune was earned through hard work and business acumen. The paper says it found that Fred Trump loaned his son the equivalent to $140m in today's money - much of which was not repaid. Trump also helped come up with a strategy to undervalue his parents' real estate holdings on tax returns, which resulted in a lower tax bill when the properties were transferred to Trump and his siblings, according to the report.
The White House described the report as a "misleading attack against the Trump family by the failing New York Times", also criticizing the paper and other media outlets for constantly "attacking" the president and his family.
The New York State taxation department said Tuesday night that it is reviewing the fraud allegations.
On Tuesday, a bombshell report from The New York Times revealed what many of President Donald Trump's critics have suspected since before he even ran for office: his wealth and business empire was a sham. He said that although the statute of limitations has since passed, such actions would have called for an investigation into the defrauding of tenants and tax fraud.
Charles Harder, a lawyer representing Donald Trump, said the report's claims are "100 percent false".
Harder added: "The affairs were handled by other Trump family members who were not experts themselves and therefore relied entirely upon the aforementioned licensed professionals to ensure full compliance with the law".
Instead, the children paid $52.2 million, or about five per cent.
The paper said its findings were based on more than 200 tax returns from Fred Trump, his companies and various Trump partnerships and trusts.
The Times reported that Fred Trump created a total of 295 revenue streams to enrich his children that were initially divvied up evenly among his four progeny. The newspaper cited a "vast trove" of confidential tax return and financial records.
The records did not include Trump's personal tax returns, which he has refused to release, breaking with decades of precedent. The difference between the inflated bills it sent to Fred Trump and those it paid to suppliers were the equivalent of substantial cash gifts, according to the Times, but Fred Trump never paid gift taxes on them.
The New York Times reported that the president is unlikely to face criminal investigation as the alleged events happened too long ago.