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Jared Kushner likely paid no taxes for years - despite making millions

Jared Kushner likely paid no taxes for years - despite making millions”

Thirteen tax accountants and lawyers reviewed Kushner's documents on behalf of the New York Times. Kushner, a senior White House adviser and President Trump's son-in-law, managed to avoid hefty tax bills thanks to millions of dollars in losses he recorded. But the losses were only on paper - Mr. Kushner and his company did not appear to actually lose any money. "However, always following the advice of numerous attorneys and accountants, Mr. Kushner properly filed and paid all taxes due under the law and regulations, '" the Times reported. In the eyes of the IRS, real estate depreciates over time, so there is a provision that allows property owners to deduct a part of the cost related to their assets each year. The law assumes that buildings' values decline every year when, in reality, they often gain value.

Kushner made $1.7 million in salary and investment gains in 2015, though those earnings were followed by $8.3 million of losses "significant depreciation" of their real estate, according to the documents.

Kushner registered an estimated net worth of almost $324 million, bringing home millions in salary and gains from his various investments.

"The New York Times' allegations of fraud and tax evasion are 100 percent false, and highly defamatory", Harder said, according to the paper. The documents, mostly created past year, were shared with the New York Times by a person who has had financial dealings with Mr. Kushner and his family.

Real-estate tax codes allow for companies to report profit losses that cut down on taxes and can even trigger refunds.

How Jared Kushner likely avoided paying taxes on his income for about seven years is a lesson in the business of real estate.

Peter Mirijanian, a spokesman for Kushner's lawyer Abbe Lowell, told Reuters on Saturday that he would not respond to the newspaper's assumptions, which he said were "taken from incomplete documents obtained in violation of the law and standard business confidentiality agreements". Over the period covered by the documents reviewed by the newspaper, Kushner's credit lines from banks rose to $46 million in 2016 from $0 in 2009.

The Times' findings on what it described as Kushner's "tax-minimizing maneuver" contrast with its extensive investigation into Trump's family's wealth.



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