In yet another case brought conveniently just before the 2024 election, former President Donald Trump may be fined more than $100 million by the Internal Revenue Service due to a government audit that claims he repeatedly claimed losses on a Chicago skyscraper, according to a report from the New York Times and ProPublica.
According to the report, Trump initially reported losses of $658 million in his 2008 tax filings, contending that the property met the IRS’ definition of “worthless” due to sinking commercial and real estate sales due to the 2008 recession. Then, in 2010, the report claims, Trump transferred ownership of the building to a different holding company that was also under his control.
According to the report, Trump is accused of reporting an additional $168 million loss on the building over the next decade.
The report did not include updates on the status of the IRS inquiry since December 2022, though it did note that Trump could owe more than $100 million, including penalties, if he comes up short in the audit process.
The report comes as Trump is currently appealing a ruling from Manhattan Judge Arthur Engoron, who initially fined Trump more than $450 million after claiming that