Former President Trump may owe more than $100 million in taxes

Former President Donald Trump outside Manhattan criminal court in New York on May 10.

The New York Times and ProPublica reported on May 11 that former President Trump twice reported losses on a skyscraper in Chicago.

According to documents filed with the US Internal Revenue Service, Mr. Trump first declared in 2008 that the building was drowning in debt and therefore had no value.

Two years later, Mr. Trump claimed a second loss when he transferred ownership of the building to another company called DJT Holdings LLC, which he also controlled.

Specifically, the 2008 tax filing reported a loss of up to $651 million for the building's operations. The 2010 filing continued to report losses during the process of transferring control to the new company.

In the following years, other Trump businesses, including golf courses, were also transferred to DJT Holdings LLC, to continue to report losses for the Chicago building, leading to an investigation by the US Internal Revenue Service.

The New York Times reported that based on tax filings, Mr. Trump reported a total loss of $168 million over the next decade.

Trump lost more than $1 billion due to falling stock prices

Based on the newspaper's calculations, the investigation conducted by the US Internal Revenue Service could require Mr. Trump to pay more than $100 million in tax debt related to the building.

The Chicago building investigation was only mentioned publicly once in a report to the US Congress in December 2022, according to The New York Times and ProPublica .

In response to the above information, Mr. Eric Trump, Executive Vice President of the Trump Organization, said that the incident had been settled many years ago and was only brought up again when his father, Mr. Trump, was elected President of the United States for the 2017-2021 term.

Source: https://thanhnien.vn/former-president-trump-co-the-no-tax-hon-100-trieu-usd-185240512062508374.htm