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☆ Americans who moved to Latin America for cheaper retirement, starting a new life, and better work options explain the pros and cons
▼ + stars: | 2024-06-06 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

Business Insider spoke to five Americans who moved to Latin America, many for their retirements. All agreed that life is in many ways better in Latin America than in the US. She said she feels more welcome in Costa Rica than in Illinois, even with a language barrier. Gary Keenan, 71, disagrees that Costa Rica is cheaper than the US, though he's fine paying the upcharge. Living and working in natureMoving to Latin America has allowed some Americans to advance their careers and retirement goals while living a more serene life.

Persons: —, Janet Sussman, Sussman, " Sussman, Cheryl Sands, didn't, she'd, it's, Sands, she's, Gary Keenan, Keenan, Jose Rodriguez, He's, Andy Wiesmann, Medellín, he's, Wiesmann Organizations: Service, Business, Illinois -, Social Security, Costa Rica, US Locations: Florida, New York, Panama, Airbnbs, Latin America, America, Illinois, Illinois - Kentucky, Costa, Guanacaste, Costa Rica, New Mexico, Central, San Jose, Chicago, São Paulo, Brazil, Medellín, Colombia, Inland, Mexico, California, United States, South America

☆ I'm a millionaire and a financial expert and I still rent over buying a house
▼ + stars: | 2024-06-06 | by ( Jane Zhang | ) www.businessinsider.com time to read: +8 min

My landlord lives in a house right up the hill from me, so when I need him, I can call him, and he's right there. I'm glad I'm not doing that anymore, but I'm really glad I had that opportunity. AdvertisementRenting is also a smarter financial decision right now, with how high interest rates are. I don't think I'll rent foreverMy finances now are different than they were when I was 22. Renting really fits the current season of my life, but I don't think this is the choice I'll make forever.

Persons: —, Tori Dunlap, I've, I'm, Homeownership, That's, it's, Jane Zhang Organizations: Service, Business, PMI Locations: Seattle, North Seattle, janezhang@businessinsider.com

☆ How a Retirement Withdrawal Can Lead to a Perjury Conviction
▼ + stars: | 2024-06-01 | by ( Ron Lieber | ) www.nytimes.com time to read: +1 min

Sometimes, it’s illegal to spend money that you set aside for yourself. When you save money in many types of workplace retirement accounts, the Internal Revenue Service doesn’t collect income taxes on that money until it’s time to take it out, when you’re older. But you must have a very good reason, and you definitely can’t lie about it. Last week, a sentencing hearing took place after a rare case involving this sort of legal violation. Ms. Mosby will spend up to 12 months in home confinement, absent a successful appeal or a presidential pardon, which she has requested.

Persons: Marilyn Mosby, Freddie Gray, Mosby Organizations: Internal Revenue Locations: Baltimore, Florida

☆ Asia's top 4 up-and-coming rental markets that may be challenging traditional property hubs
▼ + stars: | 2024-05-31 | by ( Ernestine Siu | In Ernestinesiu | ) www.cnbc.com time to read: +3 min

Bangkok, Thailand has seen an 18.1% growth in residential rental prices on a year-on-year basis, according to JLL. Alexander Spatari | Moment | Getty ImagesSingapore and Hong Kong are generally considered Asia's more vibrant real estate markets. But some up-and-coming cities are giving these traditional hubs a run for their money, with some even beating them on rental yields. The following four cities have led the recovery in rental growth in Asia so far this year:Bangkok, ThailandResidential rental growth in Q1 2024 (y/y): +18.1% Average price to rent: THB 8,292 (about $226) per square meter annually "Rental demand has been surging in Bangkok," Allan said. This rental growth has been influenced by the stronger rent prices recorded in new high-quality offerings in the city, according to the report.

Persons: JLL, Alexander Spatari, Hong Kong, Roddy Allan, Allan, Ho Organizations: Getty Images, realty, Pacific Chief, CNBC Locations: Bangkok, Thailand, Getty Images Singapore, Hong Kong, Hong, Ho Chi Minh City, Jakarta, Manila, Asia, Pacific, expats, Vietnam, Indonesia, Philippines

☆ I changed my name for both of my failed marriages. I'm never doing it again.
▼ + stars: | 2024-05-31 | by ( Andrea Javor | ) www.businessinsider.com time to read: +4 min

But, during all of the emotional, logistical, and legal stresses of going through my second divorce, one problem often felt worse than others: changing my name, again. I had changed my name beforeI never felt particularly attached to my maiden name. In addition to the humiliation at work, I also changed my Facebook, Instagram, Pinterest and LinkedIn profile names back to my maiden name. It's ironic, really, that I worked in marketing for decades and didn't value the brand of my given name. The second time I didn't change it legally but did publiclyIn my second marriage, while I didn't change my name legally, I did adjust my social media handles to reflect my marital status.

Persons: I've, I'd, Andrea Ellen Javor, Andrea Javor Organizations: Service, sheepishly, Facebook, LinkedIn Locations: Chicago

☆ She Made an Offer on a Condo. Then the Seller Learned She Was Black.
▼ + stars: | 2024-05-31 | by ( Debra Kamin | ) www.nytimes.com time to read: +1 min

Perched on a hill with a view of the Atlantic Ocean, the condo in Virginia Beach was just what Dr. Raven Baxter wanted. It had a marble fireplace, a private foyer and details like crown molding and wainscoting in its three bedrooms and three bathrooms. The seller wanted to pull out of the deal. “You could hear the fear and disbelief in his voice,” Dr. Baxter said, recalling what her broker told her next. Bill Loftis, Dr. Baxter’s broker, said, “We have no comment on this as we can’t do anything to jeopardize our clients [sic]transaction.”

Persons: Raven Baxter, ” Dr, Baxter, “, ‘, ’, Jane Walker, Walker, Bill Loftis Locations: Virginia Beach

☆ Owners are fleeing a troubled super-luxe skyscraper on 'Billionaire's Row': report
▼ + stars: | 2024-05-30 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAn ultra-luxe "Billionaire's Row" residential tower has been mired in a lengthy legal dispute, and some owners are now fleeing the building, according to a report in The Wall Street Journal. The condominium board at 432 Park Avenue in midtown Manhattan — once the tallest residential building in the Western Hemisphere — first sued the building's developers in 2021. In the three years since the initial lawsuit, the battle has intensified, with more than 4 million pages of documents filed in court, according to The Wall Street Journal. AdvertisementEighteen units in 432 Park, totaling 14% of the building's units, were listed for sale as of mid-May, the Wall Street Journal analysis found, citing data from StreetEasy.

Persons: — Organizations: Service, Street, Hemisphere, Business, Wall Street, Wall Locations: midtown Manhattan —, New York City, StreetEasy

☆ Owners want out at a super-luxe skyscraper on 'Billionaire's Row': report
▼ + stars: | 2024-05-30 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAn ultra-luxe "Billionaire's Row" residential tower has been mired in a lengthy legal dispute, and some owners are now looking to sell building, according to a report in The Wall Street Journal. The condominium board at 432 Park Avenue in midtown Manhattan — once the tallest residential building in the Western Hemisphere — first sued the building's developers in 2021. In the three years since the initial lawsuit, the battle has intensified, with more than 4 million pages of documents filed in court, according to The Wall Street Journal. Eighteen units in 432 Park, totaling 14% of the building's units, were listed for sale as of mid-May, the Wall Street Journal analysis found, citing data from StreetEasy.

Persons: — Organizations: Service, Street, Hemisphere, Business, Wall Street, Wall, WSJ Locations: midtown Manhattan —, New York City, StreetEasy

☆ More people will never own a home — they're the 'forever renters'
▼ + stars: | 2024-05-29 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

These "forever renters" vary widely in their reasons for not pursuing home ownership. Others prefer the flexibility to move and freedom from ownership costs that renters enjoy. Homeownership and renting have numerous pros and cons, making it hard to say whether forever renters are acting shrewdly or making a big mistake. Renters avoid large down payments and the varying costs of homeownership, such as mortgage payments, taxes, maintenance, and repairs. It's also cheaper to change the place you're renting than the place you're buying because of real-estate agent fees."

Persons: —, Grant Wilson, Eunjee Kwon, David Brasington, Kautz, There's, Colin Lizieri, they've Organizations: Service, Business, University of Regina, University of Cincinnati, University of Cambridge Locations: Germany, Switzerland

☆ A millennial who had a mini-retirement at 38 shares her strategies for achieving financial independence — and why she wants to return to the workforce
▼ + stars: | 2024-05-29 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +8 min

When her daughter enrolls in kindergarten soon, Horrocks said she will return to the workforce but not to the high-stress position she held. Instead, given the luxury to pursue her passions, she's considering financial coaching or planning as options. "I think work is not the goal. She no longer needs to strive for the highest-paying or most prestigious position, and she's considered becoming a financial coach to help people achieve their financial goals. "Also, a lot of financial advisors don't have their client's best interests at heart and aren't wealthy themselves."

Persons: Sabina Horrocks, Horrocks, isn't hustles, Nobody's, We've, They've, we've, she's Organizations: Service, Business, Advisors Locations: Chicago

☆ How I negotiated to lower my monthly rent in a tight housing market
▼ + stars: | 2024-05-25 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +4 min

You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Conventional wisdom says you're more likely to be able to negotiate lower rent if there are plenty of local vacancies or when your rental is going for an above-market rate. As rental unit owners ourselves, we know how challenging it an be to find reliable tenants who will care for your property the way you would yourself. We'd like to continue being those renants for you, and respectfully request that you consider a renewable 6-month lease term at the current rate of $3,550 per month, or a 1-year lease term at a rate of $3,450. AdvertisementBe creative with your asks — and flexible with your expectationsPart of our initial ask included a variation on the lease term (6 months instead of a year), showing our landlords we were open to options other than a standard 1-year lease.

Persons: Zillow, it'd, we'll, We've Organizations: Service Locations: Santa Barbara , California, Airbnb

☆ We're millennial brothers and business partners who left San Francisco's tech bubble for the Midwest manufacturing scene. We never would have been able to afford to launch our startup in California.
▼ + stars: | 2024-05-25 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +7 min

We lived in San Diego for a few years after college, and then we moved to San Francisco in 2018. Matine: San Francisco is amazing. But San Francisco was apocalyptic. We had a three-story, four-bedroom place for half the price of our condo in San Francisco. The facility we're currently in is only a little more expensive than my rent in San Francisco, and this is 20,000 square feet.

Persons: —, John Yuksel, Matine Yuksel, I've, He's, Matine, Francisco, COVID, Beltways, John, Matine Yuksel John, There's, It's Organizations: Service, Business, Walmart, Apple Locations: San Francisco, Dubuque , Iowa, Cincinnati, Northern Kentucky, Arizona, San Diego, Francisco, Istanbul, Midwest, Iowa, Dubuque, Mississippi, Mount Adams, It's, California, Tucson

☆ For Millennials, Living Alone Is Status Symbol Milestone
▼ + stars: | 2024-05-25 | by ( Juliana Kaplan | Rosalie Chan | ) www.businessinsider.com time to read: +14 min

That's helping establish a new millennial milestone for some: Ditching roommates, moving out from the family home, and landing on living alone. Business Insider's analysis of American Community Survey microdata from IPUMS found that 10.5% of millennials lived alone in 2022. Per BI's analysis of American Community Survey data via IPUMS, 16% of millennials lived with at least one parent as of 2022. (The data doesn't specify if that means they're living with their parents or if their parents are living with them.) Subsidized solo livingSome lower-earning millennials are able to get assistance reaching the solo-living milestone — but it's not always easy.

Persons: Jess Munday's, Jess Munday's San Francisco, Munday, " Munday, I'm, it's, IPUMS, millennials, Bella DePaulo, they've, DePaulo, she'd, Jess Munday, Dara Feller, Aria Velasquez, they're, " Velasquez, Velasquez, Erica Charles, she's, Charles, Rick Fry, Fry, She'd, She's, Clibborn, Sydney Krantz, He's, —, homeownership Chaz Zimmer, Chaz Zimmer, Adrianna Newell, Tomasz Piskorski, Piskorski, Zimmer hasn't, Zimmer, he's, James Paniagua, Paniagua, snagging, Julia Mazur, Kathy Pierre, Pierre Organizations: Business, American, Survey, Pew, BI Garak, BI, Subaru, Columbia Business School Locations: Jess Munday's San, Francisco's, San Francisco, Chicago, Washington ,, IPUMS, Florida, California, Waverly , New York, homeownership, Oakland , California, Los Angeles, Oakland, London, Austin, Charlotte , North Carolina, Charlotte

☆ Billionaire investor Barry Sternlicht, master of the downturn, is now embroiled in one
▼ + stars: | 2024-05-24 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +6 min

Read previewBarry Sternlicht became a real estate billionaire by snapping up commercial properties on the cheap during market downturns. The 63-year-old Miami-based executive, who built his firm Starwood Capital into a more than $100 billion real estate investment behemoth, has now found himself on the flipside of that formula. The situation is a reversal of fortune for Sternlicht, who is more used to capitalizing on real estate dips than becoming entangled in them. But investor sentiment darkened as interest rates rose and put pressure on real estate asset values. "They're concerned that there may be more markdowns in net asset value if interest rates stay higher for longer.

Persons: —, Barry Sternlicht, SREIT, Sternlicht, Matt Malone, REITs, Malone, Kevin Gannon, Gannon, Jon Mechanic, Fried Frank, Mechanic, Barry Organizations: Service, Starwood Capital, Starwood, Income Trust, Business, Federal Reserve, Shareholders, Westin, Caesars, Opto Investments Locations: Miami, Vegas, SREIT

☆ An early retiree shares 3 money moves he made to save seven figures, quit work at 48, and still live comfortably: 'You don't have to live on ramen'
▼ + stars: | 2024-05-22 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Read previewFor most of his career, Eric Cooper wasn't pursuing early retirement or financial independence. He used most of his part-time job earnings to pay off the mortgages on his four rental properties. Here are three money moves he made in his 20s and 30s to retire by 48 while still living comfortably. "My net worth was really starting to take off with four rental properties and a nice paying job," he said. So those rental properties buffered that a bit because they allowed me to have that income coming in still and some extra peace of mind."

Persons: —, Eric Cooper wasn't, Cooper, Eric Cooper, I've Organizations: Service, FI, Business, EconoMe Conference, FIRE Locations: Louisville, Egypt

☆ I bought my first home this year: 7 things I wish I'd done before getting serious about my search
▼ + stars: | 2024-05-20 | by ( Celia Fernandez | ) www.cnbc.com time to read: +9 min

When my partner and I signed a two-year lease to move into our second New York City apartment together in 2021, we agreed that the next place we lived in would be ours. New York City is where I grew up, and I am not ready to give up my status as a "passenger princess" — yes, I'm 31 and don't have a driver's license. "There are four things that go into getting a mortgage: your credit, your income, your assets, and the property," Forbes says. The application process for a program like the New York City HomeFirst Down Payment Assistance Program or the NYS AHC grant can take several months. My partner and I bought a co-op, which is very common in New York City.

Persons: We've, Dave Forbes, Forbes, you've, Z, Gen Zers, millennials, wouldn't Organizations: New, Chase, NYS, Qualtrics, National Association of Housing Cooperatives, Rocket Mortgage Locations: New York City, Riverdale, Bronx , New York, Manhattan, Midtown, New York State, New York, That's, millennials, .

☆ A boomer couple that was 'watching every single penny' they spent in the US moved to Portugal 2 years ago — and money isn't a concern for them in retirement anymore
▼ + stars: | 2024-05-19 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

After researching affordable places to live in retirement, Ann and her husband settled on Portugal. "Our quality of life is so much nicer because we're not worried about money like we were in the States," Ann said. AdvertisementWhile Ann was able to live comfortably in retirement abroad, many older adults in the US are struggling. "We understand how hard it is to try to accumulate enough money to retire and stay in the United States," Ann said. Advertisement"The United States is a very difficult country to retire in," she said.

Persons: Ann, she's, We've, We're, they've, we're, Diane Senffner Organizations: Service, Business, BI, Social Security, Survey, pats, Social Locations: Belize, United Kingdom, Mexico, Hawaii, Arizona, Scottsdale, Portugal, United States

☆ Renting is still way cheaper than buying in most major US cities — the best news for landlords since the end of pandemic discounts
▼ + stars: | 2024-05-19 | by ( James Faris | ) www.businessinsider.com time to read: +1 min

Property values tend to rise over time, but they've grown especially fast in recent years. Higher home prices and elevated mortgage rates make renting cheaper in top US cities. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In recent years, tenants have seen firsthand that the same is true of those who own houses — or apartment complexes.

Persons: — Organizations: Service, National Association of Realtors

☆ An early retiree shares the advice he received in his early 20s that helped him retire at age 48 — and how he invested his money to build a seven-figure portfolio
▼ + stars: | 2024-05-16 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

It aligned with the life-changing money advice he received from a boss in his early 20s. The stock market: from tech stocks to low-cost index fundsCooper's investment strategy has evolved over the years. AdvertisementTo lower his risk, "I am in the process of transitioning my portfolio to mostly low-cost index funds, which are very popular among the FI community." "They're all paid off and bring in about $65,000 a year in rent," he said, adding that they played an important role in his early retirement. Advertisement"I think the easier route is to invest in low-cost index funds," he said, noting that the playbook is much simpler.

Persons: —, Eric Cooper, I'd, Cooper, Cooper's, Roth Organizations: Service, Business, Roth IRA, FI Locations: Louisville, Egypt

☆ We're DINKs in Austin who are waiting until we make $350,000 to have kids. Maintaining our lifestyle as parents is a priority.
▼ + stars: | 2024-05-15 | by ( Katherine Stinson | ) www.businessinsider.com time to read: +4 min

Read previewThis as-told-to essay is based on a conversation with Matthew Bennett, a 25-year-old mining equipment brokerage representative in Austin. We were able to afford a luxury trip for our 2nd anniversaryWe've been contemplating moving to California in the future, so I planned a trip to Los Angeles to celebrate our two-year wedding anniversary. It was our first luxury trip as a married couple, and we stayed in four-star hotels, rented a luxury car to drive, and enjoyed fine dining at upscale restaurants. Although we're paying significantly more in rent, it's worth every penny for the experiences we've had so far in Austin. AdvertisementWe have one other goal before we have kids: To open a coffee shop.

Persons: —, Matthew Bennett, Brooke, We've, we've, DINK Organizations: Service, Business, BMW, Saab, Toyota Corolla, Rover Locations: Austin, California, Los Angeles, San Antonio

☆ Live Updates: Michael Cohen, Trump’s Ex-Fixer and His Nemesis, to Testify at His Trial
▼ + stars: | 2024-05-13 | by ( Jonah E. Bromwich | Ben Protess | ) www.nytimes.com time to read: +18 min

This week, however, Mr. Cohen is poised to unfix Mr. Trump’s life. And, on occasion, Mr. Cohen has said, Mr. Trump put Mr. Cohen on the phone with his wife, Melania, to reassure her that he hadn’t been unfaithful. Mr. Cohen was no longer a Trump Organization employee, and Mr. Trump had excluded him from a job in Washington. When one of Mr. Trump’s friends asked Mr. Trump why he kept Mr. Cohen so close, Mr. Trump replied, “He has his purpose.”Image In 2016, Mr. Cohen campaigned for Mr. Trump, but he did not get a job in the administration. At that meeting, Mr. Cohen has said, he and Mr. Trump confirmed their plan to falsify the records.

Persons: Michael D, Cohen, Donald J, Trump, litigators, Cohen’s, Trump’s, Stormy Daniels, Mr, lackey, ”, Jim Cole, —, Donny Deutsch, ” Mr, Deutsch, “ Donald, Trump’s “, “, ” ‘, T.J . Kirkpatrick, ” Jeffrey McConney, dryly, Roy M, Cohn, Joseph McCarthy, Rosie O’Donnell, John Taggart, Barron, Donald Trump Jr, hadn’t, Black, Karen McDougal, Daniels, Jonathan Ernst, Cohen puttered, Lanny J, Davis, doesn’t revel, Omarosa Manigault Newman, Michael, Jim Lo Scalzo, You’re, ’, Alina Habba, perjured, isn’t, Habba, Ms, “ You’re, Hope Hicks, scoffed, “ Michael Cohen Organizations: York, Prosecutors, Mr, Trump, Associated, The New York Times, Trump Organization, CNBC, Communist, National Enquirer, Playboy, Credit, Nike, “ Fox & Friends, Democratic, Federal Bureau of Prisons, White, New Locations: Manhattan, New York, Long, Trump’s New York, Trump, Miami, Moscow, Iowa, Washington, Otisville

☆ Michael Cohen: A challenging star witness in Donald Trump's hush money trial
▼ + stars: | 2024-05-12 | by ( ) www.cnbc.com time to read: +4 min

Michael Cohen, former attorney for Donald Trump, leaves after attending the Trump Organization civil fraud trial in New York State Supreme Court in the Manhattan borough of New York City on Oct. 24, 2023. Now Michael Cohen is prosecutors' biggest piece of legal ammunition in the former president's hush money trial. There is his tortured history with Trump, for whom he served as personal attorney and problem-zapper until his practices came under federal investigation. That led to felony convictions and prison for Cohen but no charges against Trump, by then in the White House. Those arrangements, which Manhattan District Attorney Alvin Bragg's office portrays as a multipronged scheme to keep information from voters, are now under a microscope at Trump's hush money trial.

Persons: Michael Cohen, Donald Trump, Cohen, Trump, Richard Serafini, Loyalist, Cohen's, dings, Alvin Bragg's, reimbursements, Stormy Daniels, Daniels Organizations: Trump Organization, Court, Reuters, Trump, FBI, National Enquirer, Manhattan Locations: New York, Manhattan, New York City, Florida

☆ I live in a bunker with no oven or windows, but it's worth it to save $2,000 a month
▼ + stars: | 2024-05-11 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

Read previewThis as-told-to essay is based on a conversation with Caitlin J., 42, about her experience living in a Southern California bomb shelter. After living on the East Coast for a while, I moved back to Southern California this year. In most Southern California neighborhoods, home prices typically start in the high five to seven figures. The bomb shelter occupies about three-quarters of an acre and spans 1,100 square feet. The first couple of nights in the bomb shelter, I slept for like 12 hours.

Persons: —, Caitlin J, wasn't, Caitlin, I've, I'm, It's, homeownership Organizations: Service, Business Locations: Southern California, Long, East, California, It's, United States, RVs, —

☆ Trump could face a $100 million tax bill after the IRS says he tried to write off the same losses twice on his Chicago skyscraper
▼ + stars: | 2024-05-11 | by ( John L. Dorman | ) www.businessinsider.com time to read: +4 min

Read previewFormer President Donald Trump could face a $100 million tax bill after the IRS said he twice sought to write off the same losses on his struggling 92-story Chicago skyscraper, according to a New York Times and ProPublica report. In the IRS inquiry, acquired by The Times and ProPublica, the agency said Trump tried to claim tax benefits from financial losses associated with the project and that he practically wrote off those losses twice. Trump's first tax write-off for the Chicago tower came in his 2008 tax return, when sales at the building faltered below expectations. AdvertisementIn that year's tax return, Trump noted that he lost up to $651 million on the project, according to The Times and ProPublica. AdvertisementAfter looking at the inquiry, The Times and ProPublica — and tax experts — concluded that the revision pursued by the IRS would give Trump an updated tax bill exceeding $100 million, excluding any additional penalties.

Persons: —, Donald Trump, Trump, Trump's, ProPublica, Eric Trump, Jean Carroll, Carroll Organizations: Service, New York Times, Trump International, Tower, Chicago Sun, Times, Business, The Times, IRS, Trump, Trump Organization, Chicago, Prosecutors Locations: Chicago, Tower Chicago, New York

☆ Trump May Owe $100 Million From Double-Dip Tax Breaks, Audit Shows
▼ + stars: | 2024-05-11 | by ( Russ Buettner | Paul Kiel | ) www.nytimes.com time to read: +1 min

Former President Donald J. Trump used a dubious accounting maneuver to claim improper tax breaks from his troubled Chicago tower, according to an Internal Revenue Service inquiry uncovered by The New York Times and ProPublica. 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 Mr. Trump. But when Mr. Trump sought to reap tax benefits from his losses, the I.R.S. That move resulted in Mr. Trump reporting losses as high as $651 million for the year, The Times and ProPublica found.

Persons: Donald J, Trump, ProPublica Organizations: Internal Revenue, The New York Times, Mr, Times Locations: Chicago

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