Tax & Business Services Partner-in-Charge Joseph Perry explains to Crain's New York Business how Donald Trump could qualify for the STAR credit.
Crain's New York Business
By Aaron Elstein
One of the enduring mysteries of Donald Trump is just how much wealth he has. Forbes pegs his net worth at $4.5 billion, while Bloomberg News puts it at $2.9 billion. The GOP front-runner himself has said he’s “really rich.”
Maybe, but Trump’s income is low enough to qualify for a New York state property-tax break that most high-rollers don’t get.
Joe Perry, partner-in-charge of tax services at the accounting firm Marcum, said there are many legitimate ways a real estate executive like Trump could lower his income. He noted that Trump could generate losses by accelerating the depreciation rates on properties and using those losses to offset income, including income that isn’t generated from real estate activities.