Donald Trump's businesses lost more than $1 billion US from 1985 to 1994, based on tax information acquired by the New York Times.

The Times reported Tuesday it has acquired printouts from the now-U.S. president's official IRS tax transcripts, including figures from his federal tax form.

The newspaper said Trump reported business losses of $46.1 million US in 1985 and a total of $1.17 billion US in losses for the 10-year period.

After comparing Trump's information with that of other "high-income earners," the Times concluded Trump "appears to have lost more money than nearly any other individual American taxpayer." Because of his business losses, the newspaper reported, Trump did not pay income taxes for eight of the 10 years.

He took to Twitter to explain that as a real estate developer, "you always wanted to show losses for tax purposes."

Trump said the Times put out "very old information" ... that is "highly inaccurate."

....you would get it by building, or even buying. You always wanted to show losses for tax purposes....almost all real estate developers did - and often re-negotiate with banks, it was sport. Additionally, the very old information put out is a highly inaccurate Fake News hit job! —@realDonaldTrump

Trump is the first president since Watergate to decline to make his tax returns public.

He has repeatedly said he could not release his tax documents because he is under audit by the Internal Revenue Service (IRS).

The House ways and means committee has asked the IRS to provide Trump's personal and business returns for 2013 through 2018. Treasury Secretary Steven Mnuchin on Monday refused to do so, saying the panel's request "lacks a legitimate legislative purpose."

Mnuchin's move, which had been expected, is likely to set a legal battle into motion. The chief options available to Democrats are to subpoena the IRS for the returns or to file a lawsuit.

Officials in New York state, where the Trump Organization made most of its debt-fuelled real estate acquisitions, are also taking steps to seek the president's tax returns, the Times reported.