IRS Audit: Trump Faces $100M Tax Bill for 'Double-Dip' Loopholes in Chicago Tower

May 11, 2024, 02:37 PM

Former President Donald Trump may face a $100 million tax bill following an IRS audit that revealed questionable accounting practices involving his Chicago skyscraper. The investigation, conducted jointly by ProPublica and The New York Times, uncovered that Trump potentially exploited accounting loopholes by claiming the same losses twice on his tax returns, a tactic referred to as 'Double-Dip' tax breaks. This maneuver, deemed improper by the IRS, could lead to significant financial repercussions for Trump.