The newspaper's investigation, which a Trump lawyer said was inaccurate, showed Trump received the equivalent today of at least $US413 million ($A575 million) from his father's real estate business.

The newspaper cited a "vast trove" of confidential tax return and financial records.

The Times reported that much of that fortune came to Trump because he helped his parents evade taxes, setting up a fake corporation with his siblings to disguise millions of dollars in gifts from their parents.

During his presidential campaign, Trump promoted himself as a self-made real estate mogul who started with only a "very small" loan from his businessman father, Fred Trump.

In a statement, White House spokeswoman Sarah Sanders called the story "misleading" and said "many decades ago the IRS reviewed and signed off on these transactions".

Trump lawyer Charles Harder told the Times: "President Trump had virtually no involvement whatsoever with these matters.

"The affairs were handled by other Trump family members who were not experts themselves and therefore relied entirely upon the aforementioned licensed professionals to ensure full compliance with the law."

A New York State Department of Taxation and Finance spokesman said the department was reviewing the newspaper's allegations.

The US Internal Revenue Service did not immediately reply to a request for comment.

Citing tax experts, the Times said it was unlikely Trump would face criminal prosecution because the acts were past the statute of limitations. There is no time limit, however, on civil fines for tax fraud.

The Times reported that its findings were based on more than 200 tax returns from Fred Trump, his companies and various Trump partnerships and trusts.

The records did not include Donald Trump's personal tax returns. Unlike other White House candidates and presidents in recent decades, Trump has declined to release his tax returns.

Australian Associated Press