As the 2024 elections approach, former President Donald Trump faces escalating legal challenges. A recent government audit may result in a substantial fine exceeding $100 million. The Internal Revenue Service (IRS) has raised allegations against Trump for declaring significant losses on a Chicago skyscraper during the 2008 economic downturn, as detailed in joint reporting by the New York Times and ProPublica.
In his 2008 tax returns, Trump reported a loss of $658 million, classifying the property as “worthless” in line with IRS standards due to the severe drop in commercial and real estate sales at the time. The scrutiny intensified as, in 2010, Trump shifted ownership of the skyscraper to another holding company under his control, subsequently claiming an additional loss of $168 million over the following decade.
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The IRS’s ongoing inquiry, not updated since December 2022, suggests that Trump could owe upwards of $100 million, including penalties, if the audit concludes against his favor.
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