The bombshell NYT report is the latest revelation on Donald Trump’s cloudy financial past which has since stoked controversy ahead of the first election debate.
The New York Times alleged the billionaire president paid only $750 federal income taxes in 2016, the year he won the White House.
The NYT noted that the US President paid the same amount in 2017, and no federal income taxes at all in 10 of the previous 15 years because he reported losing more money than he made.
Trump, who immediately dismissed the accusations as "totally fake news", is readying to come face to face with his Democratic opponent Joe Biden at a pivotal live debate on Tuesday.
The Republican leader has broken with presidential tradition by refusing to release his tax returns, fighting a long battle in the courts and triggering speculation about what they might contain.
"First of all, I paid a lot and I paid a lot of state income taxes too... It'll all be revealed," Trump said as he shrugged off the New York Times story that cited tax data extending more than 20 years.
The Times said that Trump reduced his tax bill via a $72.9 million tax refund that is the subject of an Internal Revenue Service audit. He also reportedly took tax deductions on residences, aircraft and $70,000 in hairstyling for television appearances.
Meanwhile, his golf courses report losing large amounts of money, and hundreds of millions of dollars in loans he personally guaranteed will soon be due for repayment, according to The New York Times.