Published: Sun, October 14, 2018
Worldwide | By Isabel Fisher

Donald Trump's son-in-law Jared Kushner 'likely' paid no income tax for years

Donald Trump's son-in-law Jared Kushner 'likely' paid no income tax for years

"The New York Times' allegations of fraud and tax evasion are 100 percent false, and highly defamatory", Harder said, according to the paper.

The Times - and White House economic adviser Larry Kudlow, in an interview on ABC's "This Week" Sunday - noted that Kushner doesn't appear to have broken the law with the tax-avoiding maneuvers.

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

Citing "confidential financial records" it obtained, the Times reported that Kushner, 37, a senior White House adviser, for years minimized his tax bills by booking heavy losses on reported depreciation of his real estate holdings that overwhelmed his reported income.

Thirteen tax accountants and lawyers, including J. Richard Harvey Jr., a tax official in the Reagan, George W. Bush and Obama administrations, reviewed the documents for The Times.

Kushner Cos, the family company for which Kushner previously served as chief executive, has been profitable in recent years, the Times said, citing the analysis.

He added, "Always following the advice of numerous attorneys and accountants, Mr. Kushner properly filed and paid all taxes due under the law and regulations".

The US tax code allows real estate investors like Kushner, whose family company, Kushner Companies, has spent billions of dollars on real estate over the past decade, to write off depreciation, or a property's devaluation because of use or wear and tear.

Representatives from the White House and Kushner Companies did not respond to the Times' requests for comment. 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.

Kushner Cos said previously it had more than $2.5 billion (£1.9bn) in transactions 2017 and has 12 million square feet under development in NY and New Jersey.

In one example in 2015, Kushner made $US1.7 million in salary and investments from his famiy's firm, but listed $US8.3 million lost to "significant depreciation" to the company's real estate that would have sharply decreased the taxes owed.

The disclosures also show that Mr Kushner and his wife, Ivanka Trump, received at least $115.23 million in outside income in 2017.

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