President Donald Trump and his siblings could owe New York state more than $400 million in unpaid taxes, interest and penalties based on the New York Times report that their parents handed down more than $1 billion worth of real estate and cash.
Based on the figures provided in the Times article, the Trumps could be on the hook for $210 million in unpaid gift or estate taxes and a similar amount in unpaid interest and penalties, according to Fred Slater, a CPA who has advised real estate professionals for more than 40 years. Janis Cowhey, a trust and estates partner and leader of the modern family group at accounting firm Marcum, agreed that Slater’s estimate is sensible.
Slater added that President Trump could be liable for a larger share than his sisters and brother because as trustee he signed the tax returns for the estates. The state Department of Taxation and Finance says it is “vigorously pursuing all appropriate avenues of investigation.”