Kushner likely paid nearly no federal income taxes for years

Blanche Robertson
October 13, 2018

Jared Kushner, President Donald Trump's son-in-law, paid nearly no federal income taxes in several recent years despite a rising net worth and billions of dollars spent building his real estate empire, the New York Times reported Saturday.

Harvey said Kushner appears to have paid little or no federal income taxes for at least five years.

Kushner's minimal tax payments are the result of a common tax-minimizing maneuver that generated millions of dollars in losses for Mr. Kushner, according to the documents. Kushner did not break the law, however, when he marked his losses through depreciation, a tax benefit that allowed his company to deduct a portion of the cost of its buildings from its taxable income each year.

In 2015, he took in $1.7 million but claimed $8.3 million in deprecation on his real estate holdings - likely whittling his tax bill down to nothing.

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

Thirteen tax accountants and lawyers analyzed the documents for the report.

The leaked documents made up a 40-page summary of Kushner's business dealings over the eight-year period. They were drafted with Kushner's participation as part of a review of his finances by a prospective lender and contain information from his federal tax filings in addition to other data provided by advisers, according to the report.

Attorney Jonathan Blattmachr, one of the experts who reviewed Kushner's documents for the Times, told the publication that "If I had to live my life over again, I would have been in the real estate business".

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