Trump could owe millions for "double-dip" tax break move on Chicago tower
Chicago, Illinois - A new report claims that presidential candidate Donald Trump filed repeatedly for a tax break on his Trump Tower in Chicago, a move that could end up costing him millions.
According to a report from The New York Times and ProPublica, an inquiry within the Internal Revenue Service found that Trump tried twice to gain tax benefits for the massive losses he accrued from investing in his Trump International Hotel and Tower project.
In 2008, he claimed the investment met the tax code definition of "worthless" and reported losing around $651 million that year.
Then, in 2010, Trump's company that owned the tower got into a new partnership, and he attempted to capitalize off it by declaring $168 million in additional losses.
The questionable maneuver sparked an IRS audit that has been going on for years, with the agency arguing he illegally filed for the same loss twice.
Will Trump have to pay up to the IRS?
If the IRS audit succeeds at proving wrongdoing, the agency will make a new tax bill, which could see the former president charged more than $100 million.
Trump's tax records have been of interest for years after he refused to release them during his 2016 run for president, despite the fact that every presidential candidate before him had done so.
The former president is currently on trial in New York City for allegedly falsifying business records to hide hush money payments made to a porn star in an effort to cover up an affair.
Cover photo: Collage: IMAGO / Zoonar & USA TODAY Network