JUST IN: Trump May Lose More Than $100 Million From Latest IRS Audit
In yet another case brought conveniently just before the 2024 election, former President Donald Trump may be fined more than $100 million by the Internal Revenue Service due to a government audit that claims he repeatedly claimed losses on a Chicago skyscraper, according to a report from the New York Times and ProPublica.
According to the report, Trump initially reported losses of $658 million in his 2008 tax filings, contending that the property met the IRS’ definition of “worthless” due to sinking commercial and real estate sales due to the 2008 recession. Then, in 2010, the report claims, Trump transferred ownership of the building to a different holding company that was also under his control.
According to the report, Trump is accused of reporting an additional $168 million loss on the building over the next decade.
The report did not include updates on the status of the IRS inquiry since December 2022, though it did note that Trump could owe more than $100 million, including penalties, if he comes up short in the audit process.
The report comes as Trump is currently appealing a ruling from Manhattan Judge Arthur Engoron, who initially fined Trump more than $450 million after claiming that he lied about his wealth on financial statements. According to the ruling, Trump “defrauded” banks by avoiding hundreds of millions in taxes even though the banks themselves testified that Trump paid back the loans in full.
The fine was eventually lowered to $175 million by an appeals court, which Trump posted earlier this year. He is currently appealing the $175 million fine as well.
In addition to the Manhattan case, author E. Jean Carroll was awarded $83.3 million after a New York jury found Trump liable for “defaming” her. Carroll had previously brought a sexual assault case against the former president under the “Adult Survivors Act,” a bill supported by all New York Democrats that gave alleged victims of sexual assault a one-year window to file claims, even if the statute of limitations had long expired.
The civil trial has long generated controversy as Caroll has failed to provide any evidence of her claim that she was sexually assaulted by former President Trump in a department store more than 30 years ago. While Trump has never been charged with or found guilty of a crime relating to the matter, a judge ruled that he can be sued for the alleged act.
The jury was not allowed to hear numerous pieces of evidence cited by the Trump campaign, including an interview with Anderson Cooper in which Carroll claimed sexual assault is “sexy.” Her story almost identically matches an episode of Law And Order and once posted a hypothetical about having sex with Trump for money.
Despite the dubious nature of the case, a jury awarded Carroll with $83.3 million in damages.