Former President Donald Trump may face a serious tax bill of over $100 million due to an ongoing Internal Revenue Service (IRS) investigation into his claims of substantial losses on his Chicago skyscraper.
According to The New York Times and ProPublica, Trump reported massive financial losses on his 2008 tax return, claiming the building was “worthless” despite being heavily indebted.
He then shifted the building’s ownership into a new partnership, DJT Holdings LLC, which enabled further loss claims. Over the next decade, these losses added up to $168 million.
Trump’s Tax Bill Could Exceed $100 Million
The IRS inquiry, which has been ongoing since 2010, has challenged Trump’s claims, and a revision of his tax returns could result in a tax bill exceeding $100 million.
Trump’s son, Eric Trump, has stated that the matter was settled years ago but was revived after his father’s presidential run. He expressed confidence in their position, citing opinion letters from tax experts, including the former general counsel of the IRS.
The only public mention of the audit was in a December 2022 congressional report, which referenced the relevant tax law section, indicating that the investigation is still ongoing. This development highlights the long-standing controversy surrounding Trump’s tax practices and raises questions about his financial dealings.
