Jared Kushner 'likely paid little or no income tax' for years

Jared Kushner Paid Little To No Federal Income Tax For Years, New York Times Reports

Jared Kushner likely paid no income tax for years despite making millions, NYT reports

Jared Kushner, whose net worth is nearly $324 million, appears to have paid almost no income taxes from 2009 to 2016, The New York Times reported Saturday.

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

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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.

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. One told the paper that the records indicated that Kushner paid little or no federal income taxes in five of the last eight years.

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Peter Mirijanian, a spokesman for Abbe Lowell, Kushner's lawyer, said in an email that he couldn't respond to assumptions taken from incomplete documents. Kushner sold his interests in the company to a family trust a year ago. The loss offset Kushner's income of $1.7 million in salary and investment gains, the Times reported, citing the documents.

Mirijanian said that on tax reform efforts, Kushner "followed his approved ethics agreement and has avoided work that would pose any conflict of interest".

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