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IRS Audit May Cost Trump Over $100M for 'Double-Dipping' Tax Deductions

May 11, 2024, 03:55 PM

Former President Donald Trump could face a tax bill exceeding $100 million following an IRS audit that revealed he may have claimed the same tax losses twice for his Chicago skyscraper. The investigation, jointly conducted by The New York Times and ProPublica, uncovered that Trump employed questionable accounting tactics, potentially exploiting tax breaks improperly by 'double-dipping' deductions related to his Chicago tower. This financial maneuver involved claiming massive write-offs for the same losses in both 2008 and 2010.