Donald Trump faces a new financial challenge due to his accounting maneuvers on his Chicago skyscraper, Trump International Hotel and Tower. According to reports from the ProPublica and New York Times, Trump wrote off losses on the building once and then transferred the holding company to a new entity, declaring an additional $168 million in losses.
This move caught the attention of the IRS, which launched an investigation during Trump’s presidency. Due to this evasive move, Trump could owe the IRS over $100 million, although the agency’s actions on collecting the sum have been unclear since 2022.
Disallowed Tax Deductions Could Cost Trump $100 Million
Eric Trump, the former President’s son and Trump Organization executive, denies any wrongdoing, stating that the matter was settled years ago and was only brought back to life after Trump ran for office. However, Trump has a history of tax mishaps and underpayment, including paying no federal taxes for a decade before his presidency.
The potential tax bill, including penalties, could add to Trump’s financial challenges, which include a nearly half-billion-dollar fine stemming from other Trump Organization valuation fraud in New York. Trump’s economic woes continue to mount, and this latest development could further complicate his financial situation.
