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

financialexpress.com:

The New York Times and ProPublica reported that former US President Donald Trump could be hit with an IRS penalty exceeding $100 million as a result of a government audit that found he double-dipped on tax losses related to a Chicago building. The claim was based on a years-long audit and public filings. It is anticipated that the results of the investigation may bring attention to Trump’s business background once more as the presumed Republican nominee looks to win back the White House following his defeat in 2020.

Trump has not released his tax returns, unlike previous presidential contenders, despite using his celebrity and influence as a TV personality and real estate tycoon to create a political organisation. The public’s knowledge of the tax filings comes from previous Times reporting and a public document released by Democrats on the House Ways and Means Committee in 2022.

According to the report, Trump first declared $658 million in losses in his 2008 papers, claiming that the property met the IRS’s criteria of being “worthless” due to weak condo sales and vacant retail space during the worst of the US recession. However, as per the study that was published in 2010, Trump moved the property’s ownership to a separate holding company that he also controlled. He claimed an additional $168 million in losses on the same property over the following ten years in order to deduct the expense of the shift from his taxes.

The report stated that if Trump lost the audit battle, he might owe more than $100 million, including fines. However, it did not provide any updates on the status of the IRS inquiry since December 2022.

Meanwhile, following a civil trial in which it was found that Trump, his firm, and key officials had