Former United States President Donald Trump is in the midst of multiple expensive legal issues, but it sounds like he could be getting some good financial news from one of his golf courses this week.
As Richard Rubin of The Wall Street Journal reports, Donald Trump could claim up to $323 million in federal income-tax deductions for promising not to build on one of his golf courses in Florida, instead donating the developmental rights to the City of Doral. Rubin reports that the move could save Trump up nearly $120 million in taxes at current rates.
According to Russell Shay, a conservation consultant who has “reviewed hundreds of easements,” this is an absolutely massive amount of money for something like this.
“This is larger than anything I’ve seen,” Shay told The Wall Street Journal.
In a statement, the Trump Organization said that it is “proud” of the move.
“We are incredibly proud to have worked with the City of Doral, the Florida Fish and Wildlife Conservation Commission and Conservation Florida to preserve nearly 190 acres of open irrigated greenspace in the middle of Miami-Dade County,” the Trump Organization, the former president’s company, said in a statement. “This is a perfect example of a public-private partnership that will preserve this magnificent property now and for posterity.”
Obviously, this move generated a lot of buzz on social media.
Well, that takes care of the funding of the defamation judgment.
Time to get rid of tax deductions for conservation easements? https://t.co/DfNujwesqx
— @GoodTaxTakes (@goodtaxtakes) January 27, 2024
Not surprised. He’s all about grifting and self dealing. https://t.co/F7EkCg1scy
— Kathleen F. (@kfs78) January 24, 2024
It’s certainly a bit of good news for Trump.
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