IRS Audit of Trump Could Cost Former President More Than $100 Million
By Curt_Anderson May 11, 2024 9:36 am Category: Business
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The tax agency concluded in its long-running investigation that Trump effectively claimed the same massive write-off twice on his failed Chicago tower.
by Paul Kiel, ProPublica, and Russ Buettner, The New York Times
May 11, 10 a.m. EDT
Former President Donald Trump used a dubious accounting maneuver to claim improper tax breaks from his troubled Chicago tower, according to an IRS inquiry uncovered by ProPublica and The New York Times. Losing a yearslong audit battle over the claim could mean a tax bill of more than $100 million.
The 92-story, glass-sheathed skyscraper along the Chicago River is the tallest and, at least for now, the last major construction project by Trump. Through a combination of cost overruns and the bad luck of opening in the teeth of the Great Recession, it was also a vast money loser.
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The tax agency concluded in its long-running investigation that Trump effectively claimed the same massive write-off twice on his failed Chicago tower.
