Trump Faces Over $100M in IRS Liabilities Amid Re-Election Bid
May 13, 2024
Former President Donald Trump potentially faces over $100 million in tax liabilities due to a disputed tax break on his Chicago tower.
The IRS alleges Trump improperly claimed double tax benefits totaling $826 million in losses from the tower.
Eric Trump, VP of the Trump Organization, believes the tax issue was previously resolved.
Separately, Trump is appealing a New York civil trial ruling that fined his company for valuation fraud.
President Joe Biden has critiqued Trump's tax practices and increased IRS funding to audit the ultra-wealthy.
The IRS has refrained from commenting on the specifics of Trump's tax information.
Trump is currently campaigning for re-election against Democratic incumbent Joe Biden.
Summary based on 14 sources
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Sources
Yahoo Finance • May 11, 2024
New York Times: Trump could owe more than $100 million in taxes as a result of IRS inquiry
Daily Mail • May 11, 2024
Trump's finances under fire AGAIN as it's revealed he may owe $100M after 'double dipping' on tax...
The Independent • May 11, 2024
Trump’s use of dodgy accounting on Chicago tower means he could be $100m in red, IRS probe reveals