Donald Trump paid just $750 (£587) in federal income tax both in 2016, the year he ran for the US presidency, and in his first year in the White House, according to The New York Times.
Detailing payments obtained from more than two decades of tax information, the Times report outlines extensive financial losses and years of tax avoidance that deal a blow to the business-tycoon brand Trump has built his political career on.
At a White House briefing Sunday, Trump denied the New York Times story and claimed that he pays "a lot" in federal income taxes.
"Actually I paid tax. And you'll see that as soon as my tax returns - it's under audit, they've been under audit for a long time," he told reporters after the story was published on Sunday.
Trump also refused to answer how much he has paid in federal taxes in the briefing and walked out.
Mr Trump has faced legal challenges for refusing to share documents concerning his fortune and business. He is the first president since the 1970s not to make his tax returns public, though this is not required by law.
According to the newspaper, Trump used the $427.4 million he was paid for "The Apprentice" to fund his other businesses, mostly his golf courses, and was putting more cash into his businesses than he was taking out.
The tax information obtained by the Times also reveals Trump has been fighting the IRS for years over whether losses he claimed should have resulted in a nearly $73 million refund.
The newspaper also alleges that some of President Trump's businesses have received money from "lobbyists, foreign officials and others seeking face time, access or favour" from the president.
The Times reported Sunday that Trump's tax information reveals specific examples of the potential conflicts of interests between the President's business with his position.
The President has collected an additional $5 million a year at Mar-a-Lago since 2015 from new members. A roofing material manufacturer GAF spent at least $1.5 million in 2018 at Trump's Doral golf course near Miami while its industry was lobbying the government to roll back federal regulations, according to the Times.
It also found that Billy Graham Evangelistic Association paid more than $397,000 to Trump's Washington, DC, hotel in 2017.
The New York Times said it will not make Trump's tax-return data public so as not to jeopardise its sources "who have taken enormous personal risks to help inform the public."
The tax-return data obtained by the newspaper does not include his personal returns for 2018 or 2019.