Trump angrily insists losing $1 billion in 10 years was just ‘sport’ after bombshell report busts his taxes
President Donald Trump giving a speech at Trump Tower (image via screengrab).

President Donald Trump offered angry excuses for the staggering losses revealed in his tax returns from more than two decades ago.

The New York Times obtained tax returns showing that Trump lost more than $1 billion between 1985 to 1994, but the president insists the reports were "highly inaccurate" -- while also claiming he manipulated his reported income to pay lower taxes.

"Real estate developers in the 1980’s & 1990’s, more than 30 years ago, were entitled to massive write offs and depreciation which would, if one was actively building, show losses and tax losses in almost all cases," Trump tweeted. "Much was non monetary. Sometimes considered 'tax shelter,' you would get it by building, or even buying."

"You always wanted to show losses for tax purposes," he added, "almost all real estate developers did - and often re-negotiate with banks, it was sport. Additionally, the very old information put out is a highly inaccurate Fake News hit job!"