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 nearly $324 million.
And it was all perfectly legal.
Leaked financial disclosure documents show that Kushner claimed millions of dollars in depreciation losses – a common tax maneuver beloved by real-estate investors and developers – to offset his annual earnings, The New York Times reported Saturday.
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.
“Mr. Kushner properly filed and paid all taxes due under the law and regulations,” a spokesman for his lawyer, Abbe Lowell, said.
The leaked documents made up a 40-page summary of Kushner’s business dealings over the eight-year period. They were drawn up in 2017 for a pre-loan review by an unnamed financial institution.
The Times did not see Kushner’s tax returns themselves, according to the report.
A panel of 13 attorneys and tax accountants reviewed the documents and concluded that Kushner paid “little or no” federal income taxes in five of the eight years – and only slightly more in the other three.
But the documents seen by the expert panel provided an incomplete look at Kushner’s business dealings and tax payments, Lowell’s spokesman contended.
The report follows a similar probe of the president’s tax avoidance practices published by the Times last week.
Trump has defended his tax minimizing in the past.
“That makes me smart,” he told opponent Hillary Clinton when she attacked him for it during a 2016 debate.