Information released by the House Ways and Means Committee this week showed that, after years of reporting no taxable income, former President Donald Trump reported raking in a net $24 million in 2018.
However, the New York Times reports that this surprise return to personal profitability had little to do with a revival in the fortunes of his struggling businesses.
Rather, it seems that Trump benefited from a transaction related to the inheritance he received from his father, the late real estate mogul Fred Trump.
"His year in the black appears to have resulted largely from the final windfall of the vast inheritance that financed much of his business career — more than $14 million in gains from the sale of his father’s 1970s investment in the Brooklyn housing development of Starrett City," notes the report.
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Previous Times reporting on Trump's taxes has shown that he spent decades racking up enormous business losses, which often resulted in him owing no federal income taxes year after year.
And as the Times shows, Trump's year of profitability was short-lived, as just two years later he once again reporting having no taxable income.