NYT: Trump Suspected Of Illegal $100M Tax Write-off

The New York Times reports:

Former President Donald J. Trump used a dubious accounting maneuver to claim improper tax breaks from his troubled Chicago tower, according to an Internal Revenue Service inquiry uncovered by The New York Times and ProPublica. Losing a yearslong audit battle over the claim could mean a tax bill of more than $100 million.

The 92-story, glass-sheathed skyscraper along the Chicago River is the tallest and, at least for now, the last major construction project by Mr. Trump. Through a combination of cost overruns and the bad luck of opening in the teeth of the Great Recession, it was also a vast money loser.

But when Mr. Trump sought to reap tax benefits from his losses, the I.R.S. has argued, he went too far and in effect wrote off the same losses twice.

Read the full article.

@paulkiel of ProPublica and I teamed up to crack open a long-running IRS audit of how Donald Trump turned his financial failure in Chicago into huge and dubious tax write-offs.https://t.co/JgYh0Q9aqM

— Russ Buettner (@russbuettner) May 11, 2024