Audit reportedly indicates he double-dipped on tax losses tied to a skyscraper.
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. 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 tax filings that the public does know about have come from past reporting by the Times and a public release of records by Democrats on the House Ways and Means Committee in 2022.
The tax records cited by the report indicate that Trump twice deducted losses on the Trump International Hotel and Tower, which opened in 2009 near the banks of the Chicago River that cuts through that city’s downtown. 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 onThe 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.
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