Trump Faces $100M IRS Bill for Double-Dipping Tax Breaks on Chicago Tower

May 11, 2024, 02:37 PM

The IRS has concluded its investigation into Donald Trump's tax filings and found that the former president may owe over $100 million due to improper tax breaks claimed on his Chicago skyscraper. The issue centers around allegations that Trump claimed massive write-offs twice for the same losses, initially in 2008 with losses up to $651M and again in 2010 after transferring ownership to a controlled partnership, declaring an additional $168M in losses over the next decade. This double-dipping could lead to a significant tax bill as uncovered by joint investigations from ProPublica and The New York Times.