IRS payment records or public statements from Trump's representatives

Trump Faces $100M IRS Bill for 'Double-Dipping' Tax Breaks in 2008, 2010

May 11, 2024, 03:55 PM

Former President Donald Trump may face a tax bill exceeding $100 million following an IRS audit that uncovered improper tax breaks linked to his Chicago skyscraper. The investigation, jointly reported by The New York Times and ProPublica, revealed that Trump allegedly claimed the same financial losses twice, specifically in 2008 and 2010, for his troubled tower, a practice commonly referred to as 'double-dipping'. This dubious accounting maneuver, which involved claiming massive write-offs on multiple occasions, has been deemed questionable by tax experts and unlikely to withstand IRS scrutiny. Walter Schwidetzky, a law professor, commented on the tactic, suggesting Trump 'ripped off the tax system.'