Trump spent $1m bailing out Donald Jr’s failed business in 2018, new tax returns show

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Former president Donald Trump bailed out his son Donald Trump Jr’s failed business to the tune of $1m in 2018, according to the former president’s tax returns released on Friday, The <em>New York</em> Times reported. Mr Trump’s tax returns from 2018 show that the president suffered a $1m loss bailing his son’s beleaguered venture out. The Ways & Means Committee’s report said in a report released last week that the elder Mr Trump made loans to his eldest son, his daughter Ivanka Trump and his second-born son Eric Trump totaling $51,000 and reported income from the interest in 2015. The report said that it raised “the question of whether the loans were bona fide arm’s length transactions, or whether the transfers were disguised gifts that could trigger gift tax and a disallowance of interest deductions by the related borrowers.” In addition, in 2016, Mr Trump again reported interest income from the loans to those three children, which raises questions of whether they tried to avoid paying a gift tax.