The New York Times‘s report on Donald Trump’s tax records from 1995 suggests the Republican nominee may have avoided paying federal income taxes for up to nearly two decades afterward. That’s because Trump declared a loss of almost $1 billion from his business dealings, and U.S. tax law allows wealthy individuals to apply losses to future tax bills, reducing one’s tax burden. “Although Mr. Trump’s taxable income in subsequent years is as yet unknown, a $916 million loss in 1995 would have been large enough to wipe out more than $50 million a year in taxable income over 18 years,” the Times wrote.

The report doesn’t offer proof Trump did, in fact, erase his tax liability in the subsequent years. But it does reveal the fact that Trump lost a considerable amount of money on a number of failed business ventures, including three casinos, Trump Airlines, and other real-estate purchases. The question is, whose money did Trump lose?