Not exactly but he is too stupid to explain it to the average person
How the "truth" will damage his reputation more than anything. Showing massive losses in income while living a lavish life style is pretty common when dealing with Real Estate.
Want to Make Millions and Pay No Taxes? Try Real Estate
Real estate is a cyclical business. Markets crash. Deals sour. But hard landings are rare for a savvy property mogul, thanks to the U.S. tax code.
Take Harry Macklowe, a New York City developer. Macklowe, 81, hasn’t paid income tax since the 1980s, according to a court opinion in his divorce proceedings issued in December. The ruling, which also divided luxury homes and an art collection worth more than $650 million between Macklowe and his ex-wife, Linda, doesn’t suggest the couple did anything wrong to avoid paying income taxes. Rather, it highlights the special perks available to property investors in the U.S.—advantages that have expanded under the tax law signed in 2017 by Donald Trump, America’s real estate developer president. “The real estate industry is notorious for throwing off lots of deductions, and real estate developers are notorious for paying very few taxes,” says Steven Rosenthal, a senior fellow with the Urban-Brookings Tax Policy Center. “As Leona Helmsley said, ‘Only the little people pay taxes.’ ”
Linda claimed her ex-husband used $448 million of net operating losses to defray income taxes from 2008 to 2015, according to the court opinion.
https://www.bloomberg.com/news/articles/2019-04-24/want-to-make-millions-and-pay-no-taxes-try-real-estate
It's how the game is played. Passive income is a different animal and one that the average american getting two paychecks a month would never understand.
Bottom line Trump is a colossal asshat but I don't think the story is anything more than something that damages Trump's brand, which of course the one thing he cares so much about.