Trump could owe more than $100 million in taxes – NYT

Reports from The New York Times and ProPublica indicate that former President Donald Trump may face a tax liability of over $100 million following a lengthy Internal Revenue Service (IRS) investigation into allegations of significant losses related to his Chicago skyscraper.

According to these news organisations, Trump claimed substantial financial losses twice during this period. First, in 2008, he declared the building as “worthless” on his tax return, citing substantial debts. Subsequently, after 2010, he transferred ownership of the building into a new partnership, DJT Holdings LLC, which he also controlled.

The 2008 claim allowed Trump to report losses as high as $651 million for that year without an IRS challenge, as per the reports. Later, his lawyers facilitated additional loss claims by transferring other Trump businesses, such as golf courses, into the same partnership, leading to further tax reductions linked to the Chicago tower. This maneuver triggered the IRS investigation, revealing losses totaling $168 million over the following decade.

Based on these findings, the IRS is seeking a revision that could lead to a tax obligation exceeding $100 million for Trump.

via CNN