Report: Trump may face a $100 million-plus tax bill if he loses IRS audit fight over Chicago tower

Republican presidential candidate former President Donald Trump speaks at a campaign rally on Wednesday, May 1, 2024, at the Waukesha County Expo Center in Waukesha, Wis. WASHINGTON — Former President Donald Trump 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, according to a report by The New York Times and ProPublica that drew on a yearslong audit and public filings.

Trump used his cachet as a real estate developer and TV star to build a political movement, yet he has refused to release his tax filings as past presidential candidates have.

The Associated Press is the most trusted source of information on election night, with a history of accuracy dating to 1848.But in 2010, the published report said, Trump transferred the ownership of the property to a different holding company that he also controlled, using the move to save money on taxes by reporting an additional $168 million in losses over the next decade on the same property.

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