Jared Kushner, President Trump's White House adviser and son-in-law, may have paid next to nothing in federal income taxes from 2009 to 2016 - even as his net worth zoomed to almost $324 million.
White House senior advisor Jared Kushner (C) and Treasury Secretary Steven Mnuchin (L) wait in the Rose Garden prior to President Donald Trump's news conference on the United States-Mexico-Canada Agreement (USMCA) at the White House in Washington, U.S., October 1, 2018.
The President's son-in-law and adviser's low tax bills resulted from a common tax-minimizing maneuver, and nothing in the documents suggests Kushner or his company at the time broke the law, the Times reported, citing confidential documents that it reviewed.
The depreciation provision allows Kushner - like many in the industry - to deduct the value his family's company real estate portfolio loses each year on his personal tax return, regardless of whether the value of the building goes up or down, or whether assets were bought with personal or borrowed money.
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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". Harvey said Kushner appears to have paid little or no federal income taxes for at least five years.
The federal tax law on depreciation, "often represents a lucrative giveaway to developers like Mr. Trump and Mr. Kushner".
The report was based on more than 40 pages of documents that The Times reviewed, which were created with Kushner's cooperation as party of a review of his finances when applying for a loan.
Mr. Mirijanian added that, with regard to the tax legislation, Mr. Kushner "has avoided work that would pose any conflict of interest".
