Forbes shared Dan Alexander's October 19 investigation into Trump's golf empire.
Forbes shared Dan Alexander's investigation, titled “Trump’s Golf Empire Is A Billion-Dollar Tax Shelter,” on October 19. The tax-shelter claim comes from the investigation's headline.
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Conservation easements on Donald Trump’s golf properties could shelter more than $1 billion in income, Forbes estimates in an Oct. 19 investigation. Reporter Dan Alexander puts the potential tax savings at an estimated $450 million. Those figures are estimates of what the easements could do, not findings that Trump saved $1 billion in taxes or that the IRS accepted the deductions.
A conservation easement gives up development rights and can qualify as a charitable gift without transferring ownership of the land. Forbes reports that Trump donated at least five such easements between 2005 and 2025, retaining ownership in each case. In December 2025, the Trump Organization donated an easement on its golf club in Jupiter, Florida, while keeping the club. Forbes reports that a nonprofit had documented the property’s conservation value that September.
After examining similar deals and speaking with eight industry experts, Forbes estimates that Trump could write off roughly $825 million for the Jupiter deal, give or take a couple hundred million. Its calculation applies the relationship between nearby land values and the claimed value of development rights in four earlier easements to the Jupiter property. That is a projection, not a reported amount on a tax return or an IRS-approved deduction. Barn Group Land Trust, which received the easement, does not participate in appraisals, its CEO Thomas Krebs told Forbes. He described its mission as protecting open spaces, habitats, farmland and historic properties. Forbes also reports that White House and Trump Organization spokespeople did not answer its questions about the savings.
Forbes connects the potential Jupiter deduction to a May 2026 settlement of Trump’s lawsuit against the IRS. It reports that the agreement bars certain government claims involving matters pending or that “could be pending.” Attorney General Todd Blanche told Congress the agreement does not cover Trump’s 2025 tax returns; Forbes argues that the wording suggests otherwise. Whether that interpretation would affect any Jupiter deduction remains unresolved in the supplied reporting. The investigation does not establish a filed or allowed Jupiter deduction.
@DanAlexander21New investigation: “Trump’s Golf Empire Is A Billion-Dollar Tax Shelter” https://www.forbes.com/sites/danalexander/2026/10/19/trumps-golf-empire-is-a-billion-dollar-tax-shelter/
@danthegeemanTrump’s Golf Empire Is A Billion-Dollar Tax Shelter via @forbes https://www.forbes.com/sites/danalexander/2026/10/19/trumps-golf-empire-is-a-billion-dollar-tax-shelter/
@ReillyBelle57We all knew there would be tax corruption with Trump’s golf courses. Trump’s Golf Empire Is A Billion-Dollar Tax Shelter via @forbes https://www.forbes.com/sites/danalexander/2026/10/19/trumps-golf-empire-is-a-billion-dollar-tax-shelter/@DanAlexander21New investigation: “Trump’s Golf Empire Is A Billion-Dollar Tax Shelter” https://www.forbes.com/sites/danalexander/2026/10/19/trumps-golf-empire-is-a-billion-dollar-tax-shelter/@danthegeemanTrump’s Golf Empire Is A Billion-Dollar Tax Shelter via @forbes https://www.forbes.com/sites/danalexander/2026/10/19/trumps-golf-empire-is-a-billion-dollar-tax-shelter/@ReillyBelle57We all knew there would be tax corruption with Trump’s golf courses. Trump’s Golf Empire Is A Billion-Dollar Tax Shelter via @forbes https://www.forbes.com/sites/danalexander/2026/10/19/trumps-golf-empire-is-a-billion-dollar-tax-shelter/@DanAlexander21New investigation: “Trump’s Golf Empire Is A Billion-Dollar Tax Shelter” https://www.forbes.com/sites/danalexander/2026/10/19/trumps-golf-empire-is-a-billion-dollar-tax-shelter/@danthegeemanTrump’s Golf Empire Is A Billion-Dollar Tax Shelter via @forbes https://www.forbes.com/sites/danalexander/2026/10/19/trumps-golf-empire-is-a-billion-dollar-tax-shelter/@ReillyBelle57We all knew there would be tax corruption with Trump’s golf courses. Trump’s Golf Empire Is A Billion-Dollar Tax Shelter via @forbes https://www.forbes.com/sites/danalexander/2026/10/19/trumps-golf-empire-is-a-billion-dollar-tax-shelter/@DanAlexander21New investigation: “Trump’s Golf Empire Is A Billion-Dollar Tax Shelter” https://www.forbes.com/sites/danalexander/2026/10/19/trumps-golf-empire-is-a-billion-dollar-tax-shelter/@danthegeemanTrump’s Golf Empire Is A Billion-Dollar Tax Shelter via @forbes https://www.forbes.com/sites/danalexander/2026/10/19/trumps-golf-empire-is-a-billion-dollar-tax-shelter/@ReillyBelle57We all knew there would be tax corruption with Trump’s golf courses. Trump’s Golf Empire Is A Billion-Dollar Tax Shelter via @forbes https://www.forbes.com/sites/danalexander/2026/10/19/trumps-golf-empire-is-a-billion-dollar-tax-shelter/
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