United States President Donald Trump bought 436 acres in upstate New York 20 years ago, he visualised a future possibility of adding two new championship golf courses to his collection.President Donald Trump bought the wet overgrown tree tangled parcels that sit miles off a state parkway beginning in 1998 for less than the current price of a two bedroom condominium in Trump Tower.But local leaders put an end to the golf course plans and his subsequent efforts to sell it to a homebuilding company halted. So he gave it away.
“This is my way of trying to give back” United States President Donald Trump said at the time.Like most deals involved by president trump there was more to it than goodness. He was unloading what experts say was useless land but not before working local officials to see if they could reconsider it at more than five times the evaluated value according to documents seen by Bloomberg and interviews with people who was involved and using a grossly inflated figure on later presidential campaign documents to show falsely the depth of his desire to promote the welfare of others.
In spite of the purchase price of $2.75 million and a county assessment of $5.5 million at the time of the donation, President Trump’s 2016 campaign said in a list of charitable donations published by The Washington Post that the land was worth $26.1 million.It’s not possible to say if Donald Trump did anything inappropriate since he has never released his tax returns. And there’s no law in United States against increasing the value of property on campaign press releases. But the law does require taxpayers to accurately report the value of all charitable donations for deduction purposes and Trump could face a penalty or fine from the IRS if he overstated the value of the land on his tax returns.
The IRS routinely audits all modern United States presidents and vice presidents annually including Donald Trump.Trump bought the first parcel 282 acres known as Indian Hill that straddle Westchester and Putnam counties from an estate sale for $1.75 million in 1998. President also bought 154 acres in Westchester County known as French Hill also part of an estate sale for $750000.
In 2000 Trump also bought 58 acres of a nearby surplus stretch of the Taconic State Parkway from the New York state department of transportation for $250000. On 2002 local authorities had to dismiss his plans for two 18 hole championship golf courses on Indian Hill and French Hill on the grounds that the courses would drain the nearby area’s water supply as well as it will affect the water supply of New York City downstream too. In 2003 Donald Trump tried to sell US Home Corp an option to build houses on the area of land.
But the home builder got strong doubly about the costs of environmental and engineering challenges according to a person familiar with their deal. The option agreement was terminated in April 2005 according to a memorandum filed in Putnam County. The Trump Organization did not respond to emails or phone calls seeking comments about anything about the park deal.The only way to know if United States President Donald Trump had actually claimed a deduction of $26.1 million would be if congressional committees get his federal tax returns.