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