If Trump loses IRS audit fight over Chicago tower, he could face a tax bill of over $100 million

Former President Donald Trump may be facing a hefty IRS bill of over $100 million after a government audit revealed that he may have double-dipped on tax losses related to a Chicago skyscraper, according to a report by The New York Times and ProPublica.

The report’s findings could potentially impact Trump’s business career as he eyes a potential run for the White House in the future. Trump, who has built a political movement based on his real estate developer and TV star persona, has been under scrutiny for his tax filings, which he has refused to release unlike past presidential candidates.

According to the report, Trump allegedly deducted losses twice on the Trump International Hotel and Tower in Chicago, claiming the property was “worthless” in 2008 due to poor sales and a struggling economy. However, in 2010, Trump reportedly transferred ownership of the property to another holding company he controlled, allowing him to claim an additional $168 million in losses over the next decade.

The report did not provide updates on the status of the IRS inquiry, but suggested that Trump could owe more than $100 million, including penalties, if he were to lose the audit battle. This comes as Trump is already appealing a New York judge’s ruling that he and his company lied about his wealth on financial statements.

President Joe Biden has criticized Trump for not wanting to pay taxes, while his administration has increased IRS funding to target the ultra-wealthy and improve tax compliance. Trump’s campaign, however, opposes this additional funding and has called for the extension of his 2017 tax cuts.

As the legal battles continue, Trump’s financial dealings are once again under the microscope, potentially impacting his political ambitions in the future.