Former President Donald Trump may owe more than $100 million in taxes as a result of a years-long IRS investigation into allegations of huge losses at his Chicago skyscraper. The New York Times and ProPublica reported Saturday.
News organizations have reported that Trump twice claimed huge financial losses — first on his 2008 tax return, when he said the building, then mired in debt, was “useless,” and again after 2010, when he also transferred its ownership to a new partnership. controlled by Trump.
The 2008 complaint resulted in Trump reporting losses of up to $651 million for the year, and there is no indication it was challenged by the IRS, news outlets reported. Trump’s lawyers then allowed new loss claims in 2010 by transferring the Chicago tower to another partnership, “DJT Holdings LLC,” The Times and ProPublica reported.
In the years that followed, other Trump businesses, including golf courses, would be transferred to the same partnership – which his lawyers used as a basis to claim more tax losses from the Chicago tower. That change triggered the IRS inquiry. Those losses totaled $168 million over the next decade, the report said.
Media outlets calculated that the review requested by the IRS could result in a tax bill of more than $100 million.
The only public mention of the IRS audit of Trump’s Chicago tower loss claims came in a December 2022 congressional report that The Times and ProPublica reported made an inexplicable reference to the section of tax law at issue in the case. That mention, media outlets reported, confirmed that the audit was still ongoing.
“This matter was resolved years ago, only to be brought back to life when my father ran for office. We are confident in our position, which is supported by opinion letters from several tax experts, including the former general counsel of the IRS,” Trump’s son, Eric Trump, executive vice president of the Trump Organization, told The Times and ProPublica , in a statement. .
For more news and newsletters from CNN, create an account at CNN.com
