Charting an Empire: A Timeline of Trump’s Finances

Tax records provide a detailed history of President Trump’s business career, revealing huge losses, looming financial threats and a large, contested refund from the I.R.S.

Making a Fortune

Mr. Trump was adrift when he got a big break on “The Apprentice.” He used his reality-TV persona to ink a string of worldwide licensing and endorsement deals.

The tax returns that Mr. Trump has fought to keep secret cast a harsh light on his finances, revealing a businessman who regularly reports losing so much money that he has gone for years paying little or no income taxes and today finds himself in a tightening financial vise.

He has churned through hundreds of millions of dollars in a series of career reinventions, aided by tax-avoidance maneuvers, all laid bare for the first time in tax-return data obtained by The New York Times that extends over more than two decades. The returns comprise

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