Former President Donald Trump may face a financial setback of around $100 million due to improper tax deductions linked to his Trump Tower in Chicago, according to an IRS audit obtained by ProPublica and the New York Times.
The issue stems from a double write-off for the iconic skyscraper, where Trump claimed significant losses in 2008 and then attempted to declare additional losses in 2010 after transferring ownership.
In 2008, Trump reported losses of up to $651 million for the tower, citing its “worthlessness” due to construction debt, even before its official opening. However, in 2010, he transferred ownership into a new partnership under his control and tried to claim an additional $168 million in losses, effectively trying to write off the same losses twice.
This move drew IRS scrutiny, leading to a revision and the imposition of a tax bill exceeding $100 million. Despite a rise in his net worth fueled by the success of Truth Social, this revelation poses a financial challenge for Trump, particularly as he navigates his role as the 2024 GOP nominee.
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