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https://www.forbes.com/sites/brianb...-as-his-net-worth-soars/?sh=58a768de3591

What a guy.

Trump Could Owe $100 Million Over Improper Tax Breaks, Report Says—Latest Financial Threat Even As His Net Worth Soars
Brian Bushard


May 11, 2024,11:57am EDT


Trump could be forced to pay the massive tax bill due to a double write-off for the 192-story tower on the Chicago River, the New York Times reported Saturday in partnership with ProPublica.

The issue stems from a 2008 write-off for the Chicago tower, when Trump claimed the 92-story hotel and condo building that bears his name qualified as “worthless” due to his massive debt on the project.

Trump reported at the time he lost up to $651 million on the tower that year, one year before it officially opened, according to the Times and ProPublica report.
But in 2010, Trump shifted ownership of the tower into a new partnership still under his control, and declared another $168 million in losses—appearing to write off the same losses twice—prompting IRS scrutiny that ultimately resulted in an agency revision and a new IRS tax bill for over $100 million, according to the report, citing unnamed tax experts.


Trump’s net worth has skyrocketed since the parent company behind his social media platform Truth Social made its Wall Street debut. With Trump’s 114.8 million shares in parent company Trump Media & Technology Group Corp., the former president has more than doubled his net worth, with his majority stake worth roughly $5.6 million as of Thursday. That windfall comes at a critical time for Trump, who faces over $542 in civil judgments from three cases over the past year, including $454.2 million he was ordered to pay after being found liable for fraudulently inflating the value of his assets in his New York civil fraud case. Trump’s bond in that case was temporarily lowered in March to $175 million after Trump claimed he could not secure a company to issue him a bond for the full amount and New York Attorney General Letitia James threatened to seize his properties if Trump missed his payment deadline, though he could still pay the full $454.2 million. Trump also posted a $91.6 million bond—including interest—in March for an $83 million judgment in a defamation case with writer E. Jean Carroll, who accused Trump of sexually assaulting her in the 1990s. Trump had previously been ordered to pay $5 million in a separate civil judgment in the defamation case with Carroll.

FORBES VALUATION

We estimate Trump’s real time net worth stands at approximately $7.7 billion, making him the world’s 346th richest person as of Saturday morning. In addition to his shares tied up with Trump Media, Trump’s net worth also comes largely from his expansive real estate portfolio, including $1.1 billion in properties as of March, including in New York, Chicago and Las Vegas, as well as $810 million in luxury golf clubs and resorts, including his Mar-a-Lago Florida estate, the crown jewel of his real estate portfolio.

Deflate value to the irs. Inflate value to banks. Lie and break laws to make money.

Oh come now.

Biden, is worse.

You are right.. Biden is an idiot, He actually pays all the taxes he owes,, What a dummy

If only I knew how to put this in purple!

The list of crimes committed after the name trump grows like Pinocchio's nose.

But it is all a witch hunt. Here a witch hunt. There a witch hunt. Everywhere a witch hunt.

Don't look now what is brewing in the kettle?

As an American, you are lucky to be able to type anything you want- NOW. If Trump wins, he wants to be dictator for one day- list the dictators in world history who gave up power after one day.

You typed- Biden, is worse. Please give all of us your PROOF..... how has Sleepy Joe cheater on his taxes?

It was sarcasm.

Thanks for the clarification - it ain't funny watching the Pied Piper play his tune and watch all the "Republican elite" kiss his hand while he sits in his porn payoff and tax evasion trial. Ain't America Great.

What would be better is to see him on trial for the far more severe charges he faces in his other criminal cases.

Sorry hit…I should have put it in purple.

Pit…To be fair. In chronologic order. The Stormy Daniel’s hush money repayments to Cohen was the first crimes he committed as POTUS. So it’s appropriate to be the first prosecuted. One at a time the nails will be pounded in.

Didn't the hush money payments occur when he was a candidate (prior to being elected)?

The hush money payment was a few weeks before the election. The illegal repayments from the trump org and from trump’s personal accounts to Cohen happened after he became POTUS.

Amen, there are military citizens in prison for less than Trump stole/kept in his home---power has its privileges. People are NOT equal under the law.

J/C
Cohen was trapped in a lie on Thursday. He has been proven as a liar multiple times, and once again.

But with people like you on the jury, facts be dammed.


Carry on.

I thought I read that both parties used all their peremptory challenges.

Corroborating evidence. The paper trail. The email trail. The witnesses Pecker, Hicks and Stormy. The felon Weisselberg.

Would trump ever do something like this? Is it beyond the twice indicted, convicted fraud, Hollywood Access, sexual assault perpetrator?

Would it be something out of character? How shocking that trump would do anything like this. NOT.

More of a timeline dispute than lie... Did you talk to the bodyguard Keith about the threatening/crank phone call or Stormy...

Could have been both... doesn't really matter, the checks were signed by DJT...

Even lairs for Trump can tell the Truth on some subjects...

Every American, every single one, including every one of you lefties, takes every deduction you are entitled to, every tax credit that applies to you and calculates the tax you owe. Then you pay that amount. Not one of you, or anyone else, calculates their tax owed, adds $500, and sends that amount. Do you. You pay what you owe.

Whatever went on with this building, I guarantee you Trump had multiple high paid tax accountants and tax lawyers weighing in. They signed off on the move. If they turn out to be wrong, Trump will pay the tax due + penalties + interest. Then he will fire the guys who gave him bad advice.

During the campaign of 2016 trump was asked about his tax statement. Every president had made their tax statement public before trump.

He said on numerous occasions. "I will turn over my tax records." He never did. He lied as he always does. Then when pressed about his tax record once in office. He said he could not turn them over because he was being audited. Again a lie. Of course you can turn them over.

Do you see a pattern here?

Now the truth comes out:

"Trump could be forced to pay the massive tax bill due to a double write-off for the 192-story tower on the Chicago River, the New York Times reported Saturday in partnership with ProPublica.

The issue stems from a 2008 write-off for the Chicago tower, when Trump claimed the 92-story hotel and condo building that bears his name qualified as “worthless” due to his massive debt on the project.

Trump reported at the time he lost up to $651 million on the tower that year, one year before it officially opened, according to the Times and ProPublica report.
But in 2010, Trump shifted ownership of the tower into a new partnership still under his control, and declared another $168 million in losses—appearing to write off the same losses twice—prompting IRS scrutiny that ultimately resulted in an agency revision and a new IRS tax bill for over $100 million, according to the report."

Of course the truth does not come from trump.

Keep believing the lies. trump could not tell the truth if it were tattooed on his forehead.

Let me know when you pay off a porn star and charge it to legal fees as a tax deduction. Or better yet show where that's legal.

That should be trumps campaign slogan.
It was his way of governing during his entire presidency.
Seems to be a way of life for him now.

It only counts when the other side does it. Just like supporting the police. They support all the police that don't work at the Capital. Those? Oh, they just assault those police. Then they call the people who committed those crimes as hostages when they are forced to pay for their crimes. Murica!

"Every American, every single one, including every one of you lefties, takes every deduction you are entitled to, every tax credit that applies to you and calculates the tax you owe"

How do you know that that is what Trump did? How do you know that he didn't cheat and lie?

Do I use every tax loophole available to me, you bet I do...

Does Trump? or does he devalue assets illegally to pay less? We don't know and he won't show us. Every other candidate for Pres has done so. What's he hiding? Don't you wanna know or are you just blindly gonna follow him?

is the answer

Trump reality-" We know (and learned before the 2020 election) that Donald Trump had either cheated on his taxes or lied wildly about his business acumen. As The New York Times reported, Trump avoided paying income tax entirely in 10 out of 15 years between 2003 and 2017, while pocketing massive fees from licensing deals and The Apprentice, which alone enriched Trump by over $400 million. When the Times first reported on Trump's taxes, the IRS was pursuing Trump for about $100 million in underpayments. Recently, reporters at the Times and ProPublica determined that the underpayments were in significant part attributable to "double-dipping," taking the same write-offs twice for a failed Chicago skyscraper project. "

Donald Trump is the ultimate con man- he's an astute businessman- NOT, he's a former President who's ever action is clearly Presidential- not, he's very Christian man who supports immigrants, orphans, the poor, and has had only three wives/ plus others- NOT.

Anyone but Trump. I support flat tax for everyone- no deductions- then help the poor.