Donald Trump could face more bad news… this time from the IRS

• Donald Trump’s tax audit could cost him big.
• It seems he exaggerated his losses on a Chicago skyscraper.
• What could this mean for his political career?

Former President Donald Trump could be facing even more bad news.

An IRS audit has revealed that he exaggerated tax losses linked to a skyscraper in Chicago.

This year-long audit and public filings reportedly suggest Trump could face an tax bill of more than $100 million.

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Trump’s tax audit could cost him millions

These findings, published by The New York Times and ProPublica, could shed new light on Trump’s business practices.

This comes as he’s campaigning for a second term in the White House.

Although Trump has used his reputation as a real estate developer and television personality to boost his political career, he has been reluctant to publicly share his tax returns.

Every previous presidential candidate in recent history has released their tax returns.

What is the IRS accusing him of doing?

What little information we have about Trump’s taxes come from previous Times reporting and a public disclosure of Democratic records in the House Ways and Means Committee in 2022.

Trump’s presidential campaign, led by his son Eric Trump, has issued a statement claiming that the IRS investigation «was resolved years ago.»

However, it has been ongoing since his time in office.

The new report details how Trump twice wrote off losses at the Trump International Hotel and Tower in Chicago.

Did Trump’s tax audit show that he didn’t lose as much as he claimed?

Trump initially reported losses of $658 million in 2008, arguing that the property was «worthless» due to disappointing sales and commercial vacancies during the recession.

However, in 2010, the property was transferred to a different holding company, allowing Trump to report an additional $168 million in losses on the same property over the next decade.

The report does not provide an update on the current status of the IRS investigation.

However, according to The Associated Press, Trump could face a tax bill of more than $100 million, including fines, if he loses the audit battle.