Public disclosures, court documents or IRS statements

Trump Faces $100M Tax Bill for Improper Breaks, IRS Finds

May 11, 2024, 03:55 PM

An IRS inquiry has revealed that former President Donald Trump may face a tax bill exceeding $100 million due to improper tax breaks claimed on his Chicago tower. The investigation, jointly uncovered by The New York Times and ProPublica, found that Trump allegedly engaged in 'double-dipping' by claiming the same losses twice through accounting loopholes. This dubious maneuver involved massive write-offs on the failed Chicago skyscraper, potentially leading to significant financial repercussions for Trump.