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Trump's 1995 State Returns

Leaked pages of Trump's 1995 state returns showed large net operating losses.

Fact-Checks

2 results
Jan 14, 2026
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What deductions or losses did Trump claim to reduce his federal tax liability?

Donald Trump has used a mix of large net operating losses (NOLs), business‑expense deductions, depreciation and other business losses to pare his federal income tax bills, including a cache of NOLs fr...

Jan 23, 2026

How did the 1990s casino bankruptcies affect Donald Trump's personal net worth and business reputation?

The string of casino reorganizations in the early 1990s left ’s businesses deeply restructured, produced a massive reported tax loss on his 1995 return, and caused heavy losses for bondholders and som...