WASHINGTON, DC - JUNE 05: U.S. President Donald Trump shushes journalists before signing the Paycheck Protection Program Flexibility Act in the Rose Garden at the White House June 05, 2020 in Washington, DC. In the midst of nationwide protests against the death of George Floyd, the U.S. Labor Department announced the unemployment rate fell to 13.3 percent in May, a surprising improvement in the nation’s job market as hiring rebounded faster than economists expected in the wake of the novel coronavirus pandemic. (Image: Getty)
Former President Donald Trump may face a tax bill of more than $100 million after an audit from the Internal Revenue Service. According to a report from The New York Times and ProPublica, the audit shows that Trump claimed two financial losses on his Chicago skyscraper in 2008 and 2010.
Trump claims he lost as much as $658 million in 2008. No records show the IRS challenging the initial 2008 claim. Trump said the financial hit left the skyscraper “worthless” and found no reason to believe it would ever turn a profit. Trump claimed the loss again once ownership of the skyscraper was transferred to DJT Holdings LLC and an additional $169 million loss was reported.
Other Trump businesses moved to the partnership, which his legal team used to claim more financial losses, sparking the IRS to do a “high-level legal review” of the matter. If Trump is unable to overturn the audit’s results, he could be served with a $100 million tax bill with other penalties added on.
Trump’s son, Eric Trump, also executive vice president of the Trump Organization, said in a statement, “This matter was settled years ago, only to be brought back to life once my father ran for office. We are confident in our position, which is supported by opinion letters from various tax experts, including the former general counsel of the IRS.”
The potential tax bill is only one of several financial costs Trump faces as he sits through his hush money trials in New York. Trump was ordered to pay a $10,000 fine for violating his gag order, set by Judge Juan Merchan. The former president has spent $100 million on legal fees since he left office, but none of it was his own money.
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