News

Trump Could Owe $100 Million In Taxes After IRS Audit Shows He Claimed Same Losses In Two Different Years

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. 

Ann Hoang

Recent Posts

VIDEO EXCLUSIVE: Val Kilmer Struggles To Speak At UN Conference In 2019 After Cancer Scare

https://www.youtube.com/shorts/Wd54eIJzeaE In an exclusive video shot by uInterview.com, Val Kilmer, spoke at the NOVUS Summit…

9 hours ago

Irish Influencer Stung By The World’s Most Dangerous Jellyfish While Filming A Post

“The tour guide picked up the jellyfish and it was the length of a man.…

10 hours ago

Lady Gaga Adds More Dates To Her ‘Mayhem Ball’ World Tour – Setlist & Ticket Deals

From Las Vegas on July 16, Lady Gaga will start her trek across the country,…

10 hours ago

Marjorie Taylor Greene’s Ex-Husband, Perry Greene, Apologizes For Harassing Muslim Women Praying While In A Tesla Cybertruck

Perry will not face any charges, as the Alpharetta police declare that he did not…

11 hours ago

VIDEO EXCLUSIVE: Teri Polo Shares The Message Behind Her New Movie ‘Relative Control’

She explained her character, “At first she’s reluctant to try and have [a personal life]…

11 hours ago

Interior Sec. Doug Burgum Demands Staff Serve Him Fresh-Baked Cookies, Asks Political Appointees To Wash Dishes

Interior Secretary Doug Burgum's odd requests have been making department officials feel stressed out. According…

14 hours ago