ByLive streaming newscasts, breaking news, weather & original, local programming.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 yearslong 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." The report said Trump initially reported losses of $658 million in his 2008 filings under the premise that the property fit the IRS definition of being "worthless" because condominium sales were disappointing and retail space went unfilled amid a deep U.S. recession.Prosecutors focus on phone records in Trump's hush money trial as Michael Cohen's testimony awaits
The report did not have any updates on the status of the IRS inquiry since December 2022, but said Trump could owe more than $100 million, including penalties, if he were to lose the audit battle.