though the building's market value is going up. if trump can add up enough on-paper losses year by year, he can basically erase his taxable income from the property itself and even income from other trump operations, like licensing, leasing, and tv reality shows. ♪ money, money, money, money >> reporter: real estate expert richard lipton says it wouldn't be surprising if all these paper losses reduced donald trump's federal income tax to zero. >> so if you're running a tv show, call it "the apprentice," and you have real estate and it's generating losses, the tax losses from the real estate can be used to offset the income from your tv show. >> reporter: and the losses can be huge, even when your income is huge. thus, in 1995, donald trump files a tax return with a $916 million loss, but still, apparently, lives like a king. don't blame trump, says tax