Accountants say Trump could have as little as $30 million spread across hundreds of bank accounts
Accountants said former President Donald Trump might have as little as $30 million available spread across hundreds of bank accounts.
Forensic accountants Mark Gottlieb and Bruce Dubinsky, along with University of Las Vegas Nevada tax law expert Francine Lipman, said the daily beast Trump is likely to have access to $30 million to $100 million after reviewing his 2020 tax returns.
While Trump often touts himself as a billionaire, with Forbes estimating his net worth at $3.2 billion, accounting experts have suggested that value is mostly derived from assets he can’t easily access.
Gottlieb, who also serves as a tax law expert in Manhattan, said much of Trump’s income in 2020 appeared to be “ghost income.”
“As phantom income, you can’t touch it, feel it, smell it or use it,” Gottlieb told The Daily Beast.
Donald Trump could have access to as little as $30 million despite his $3.2 billion net worth
Reviewing Trump’s 2020 tax returns, Gottlieb said the documents showed an impressive $10.6 million in interest income, but very little in the form of dividends or other forms of earnings.
And about $9.74 million of the interest income comes from entities controlled by the Vornado Realty Trust, where Trump is a minority member and has no control over his stake.
“The self-proclaimed billionaire only made an actual income of about a million dollars,” Gottlieb told the Daily Beast. “But given his salary as president and his dividends from those inaccessible partnerships, Trump’s actual income that year was more like $500,000 or $600,000. It’s not a lot of money for a billionaire.
Lipman echoed the conclusion, adding that the money spread among hundreds of entities meant that Trump is effectively incapable of “putting money from [his] left pocket to his right pocket.
‘It looks like you have about half a million in interest income that you can really touch. Not $10 million,’ he said of his 2020 earnings.
While Dubinsky cautioned against trying to guess at Trump’s true assets given the limited information in his 2020 tax returns, he also concluded that the former president probably doesn’t have billions in liquid net worth.
“Based on my rough calculations, taking interest income out of the equation, his actual net worth was significantly less than the amount he’s publicly touted,” he told the Daily Beast.
A representative for Trump did not immediately respond to DailyMail.com’s request for comment.
Experts suggested that most of Trump’s value is in property and assets, such as his $350 million Mar-a-Lago estate (pictured)
Donald Trump invoked his Fifth Amendment right against self-incrimination 400 times during his testimony before the New York attorney general’s office in August, newly released video of the interview shows.
DailyMail.com conducted its own review of Trump’s taxes when they were made public last month.
DailyMail.com can confirm that Trump paid little federal income tax while in the White House, and nothing in 2020.
He and his wife Melania reported having a negative income of $53.2 million from 2015 to 2020.
And Trump paid $1.7 million in taxes over the six-year period, including just $750 in 2016 and 2017.
But the latest analysis comes at a difficult time for Trump, as his financial records continue to be scrutinized amid a lawsuit by New York Attorney General Letitia James.
New York Attorney General Letitia James demanded Trump’s statement in August, and just over a month later she announced a lawsuit against the former president, three of his children and his company for inflating the value of their property.
James, a Democrat who campaigned on a promise to take on Trump and his businesses, filed a $250 million lawsuit alleging he had misled banks and lenders about his assets.
In a video statement for the case, Trump could be seen invoking his Fifth Amendment right against self-incrimination 400 times.
“This is all very unfair,” Trump said in his statement over the summer. “Anyone in my position who didn’t accept the Fifth Amendment would be a fool, an absolute fool.”
“I respectfully decline to answer questions about the rights and privileges afforded to all citizens under the Constitution of the United States,” he added, claiming it was on the advice of his attorney.
This will be my answer to any other questions.