NY Tax Officials Probing Trump Family Tax Practices

New York State and City Officials are Probing the Tax Practices of President Trump and his Family, that took place After the Ten Year Statute of Limitations Date, following a New York Times Report on their Use of Tax Avoidance Schemes that they called Deceptive and Potentially Fraudulent. But there could be Civil Penalties if Tax Fraud is found.

The Department of Taxation and Finance, which is Responsible for Investigating Tax Fraud, has Opened an Investigation. It can Collect Fines and Penalties and also refer Criminal Actions to the Attorney General's Office. "The Tax Department is reviewing the allegations in the NYT article and is vigorously pursuing all appropriate avenues of investigation," said State Tax Department Spokesman James Gazzale in a Statement.

The New York Times reported on Tuesday that the Trump Family Engaged in Tax Schemes to avoid Taxes on Gifts and Payments from Fred Trump, the President's Father, to his Children.

The Times reviewed Public Documents and Confidential Files from Fred Trump's Real Estate Empire and Detailed how the President received about $413 Million in Today's Money from his Father over several years, calling into Question the President's Portrayal of Himself as a Self-Made Business Mogul.

The Times Report found Questionable Tax Practices, including the Write-Off of an $11 Million Loan and Undervaluing Assets. The Family also Set-Up a Building Supply Company that served to Transfer Money from Fred Trump to his Sons and other Family Members, avoiding Gift and Inheritance Taxes, according to the Times.










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