Donald Trump may face an IRS bill of over $100 million after an audit indicates he double-dipped on tax losses tied to a Chicago skyscraper. a report says.
Former President Donald Trump speaks to the media at the end of the day of his hush money trial, in New York, Thursday, May 9, 2024. may face an IRS bill in excess of $100 million after a government audit indicates he double-dipped on tax losses tied to a Chicago skyscraper,The report's findings could put renewed focus on Trump 's business career as the presumptive Republican nominee tries to regain the White House after losing in 2020.
Trump's presidential campaign provided a statement in son Eric Trump's name saying the IRS inquiry "was settled years ago, only to be brought back to life once my father ran for office. We are confident in our position." The report said Trump initially reported losses of $658 million in his 2008 filings under the premise that the property fit the IRS definition of being "worthless" because condominium sales were disappointing and retail space went unfilled amid a deep U.S. recession.
The report did not have any updates on the status of the IRS inquiry since December 2022, but said Trump could owe more than $100 million, including penalties, if he were to lose the audit battle.
IRS Audit Chicago Skyscraper Tax Losses 2020 Election Financial Statements IRS Funding
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