President Trump had $287 million in debt forgiven within the past decade, with most of it related to his Trump International Hotel & Tower in Chicago.

Citing federal income tax records that it obtained, the NYT reported that lenders forgave hundreds of millions in debt since 2010 that Trump did not repay, amounting to most of what Trump had owed.

His lenders, Deutsche Bank and the hedge fund Fortress Investment Group, gave Trump leeway, including extra time to pay his loans, the newspaper reported, citing information from tax returns, interviews and other records.

New York Attorney General Letitia James’s (D) investigation into Trump’s business includes questions about the forgiven debts, the Times noted, as the Internal Revenue Service mandates forgiven debts to be taxed as income.

But the newspaper reports that Trump’s tax records appear to show the current president paid almost no federal income tax on the forgiven debts partly due to large losses in other businesses.

Alan Garten, the Trump Organization’s chief legal officer, told the Times that the company and Trump appropriately paid for all taxes due on the forgiven debt.

“These were all arm’s length transactions that were voluntarily entered into between sophisticated parties many years ago in the aftermath of the 2008 global financial crisis and the resulting collapse of the real estate markets,” Garten said.


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