Monday, 17 December, 2018

Jared Kushner ‘likely’ paid little or no income taxes for years

Jared Kushner and Treasury Secretary Steven Mnuchin at the White House in Washington Jared Kushner and Treasury Secretary Steven Mnuchin at the White House in Washington
Kenny Thornton | 17 October, 2018, 05:30

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.

A spokesman for Kushner's attorney told the Times that Kushner followed the advice of attorneys and accountants, and filed and paid all taxes required by law. Those losses stemmed from depreciation on Kushner and his company's real-estate holdings.

A spokesman for Kushner's lawyer told the Times Kushner "paid all taxes due". They found that he and his family's NY real-estate firm used a common tax deduction known as depreciation, which is created to protect property owners from an asset's gradual decline in value.

Thirteen tax accountants and lawyers reviewed Kushner's documents on behalf of the New York Times. And according to the Times, the practice does not appear to be against the law.

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. When a company reports losses higher than its gains, it can potentially pay no taxes or even get a refund on taxes it's already paid.

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Citing research firm Real Capital Analytics, the Times reported the Kushners' property sales from 2009-2016 totaled about $US2.3 billion but generated little or no taxable income for Jared. A lengthy, document-filled Times investigation this month found Trump had engaged in "outright fraud" to minimize the tax bill on the considerable amount his real estate mogul father passed along to him and his siblings.

The documents reviewed by the newspaper describe Kushner's business dealings and finances from 2009 to 2016. However, despite some possible legal recourse, experts said it's unlikely that any investigation would yield significant consequences in the decades-old allegations.

"The White House past year championed a sweeping revision of the nation's tax laws that expanded numerous benefits enjoyed by real estate investors, allowing them to reap even larger deductions", The Times noted.

The son of a US President used the scheme of tax evasion.

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