The recent IRS audit obtained by ProPublica and the New York Times indicates that former President Donald Trump may owe approximately $100 million for improper tax breaks related to his Trump Tower skyscraper in Chicago. The issue stems from a double write-off for the tower in 2008, when Trump claimed the property was “worthless” due to massive debt. He reported losses of up to $651 million that year, but in 2010, declared another $168 million in losses after shifting ownership of the tower into a new partnership under his control. This apparent double write-off caught the attention of the IRS, resulting in a new tax bill for Trump.
Despite facing potential financial setbacks due to the IRS audit, Trump’s net worth has seen a significant increase following the success of his social media platform, Truth Social. With his 114.8 million shares in parent company Trump Media & Technology Group Corp., Trump’s net worth has more than doubled to approximately $5.6 million. This windfall comes at a critical time for Trump, as he faces over $542 million in civil judgments from multiple cases over the past year, including a $454.2 million judgment in a New York civil fraud case and a $91.6 million judgment in a defamation case with writer E. Jean Carroll.
According to Forbes, Trump’s real-time net worth is estimated to be around $7.7 billion, making him the world’s 346th richest person as of the latest data. In addition to his shares in Trump Media, Trump’s wealth is largely derived from his extensive real estate portfolio, which includes properties in New York, Chicago, and Las Vegas valued at $1.1 billion, as well as luxury golf clubs and resorts worth $810 million. Among his notable properties is Mar-a-Lago in Florida, considered the crown jewel of his real estate holdings.
While facing potential financial liabilities from the IRS audit and civil judgments, Trump’s net worth continues to be buoyed by his investments and business ventures, including the success of Truth Social. Despite the financial challenges he may be facing, Trump’s wealth remains substantial, positioning him as one of the wealthiest individuals globally. The potential $100 million tax bill for the Trump Tower in Chicago adds another layer to Trump’s complex financial situation, but his diversified portfolio and continued success in business ventures suggest that he may be able to weather these challenges and maintain his status as a billionaire.
