Republican presidential candidate former President Donald Trump speaks at a campaign rally on May 1, 2024, at the Waukesha County Expo Center in Waukesha, Wis.Former President Donald Trump may face an IRS bill in excess of $100 million after a government audit indicates he double-dipped on tax losses tied to a Chicago skyscraper, according to a report by The New York Times and ProPublica that drew on a year-long audit and public filings.
Trump’s presidential campaign provided a statement in son Eric Trump’s name saying the IRS inquiry “was settled years ago, only to be brought back to life once my father ran for office. We are confident in our position.” But in 2010, the published report said, Trump transferred the ownership of the property to a different holding company that he also controlled, using the move to save money on taxes by reporting an additional $168 million in losses over the next decade on the same property.