Published: Wed, October 17, 2018
Worldwide | By Gretchen Simon

Jared Kushner hasn't paid federal income taxes in years

Jared Kushner hasn't paid federal income taxes in years

The paper said that for most of the years covered, both were listed as zero, but in 2013 Kushner reported income taxes payable of $1.1 million (£76.8m).

"However, always following the advice of numerous attorneys and accountants, Mr. Kushner properly filed and paid all taxes due under the law and regulations", Mirijanian said in the statement. But the losses were only on paper - Mr. Kushner and his company did not appear to actually lose any money.

The Times said it obtained over 40 pages of documents, including details on Kushner's earnings, business deals, expenses and borrowing between 2009 and 2016, as well as details on his personal federal tax filings.

Current tax law assumes that buildings will undergo standard wear and tear that will lead to a depreciation in their values, and the aforementioned tax benefit exists to protect investors in light of that. The Times reported the documents were prepared a year ago for an institution contemplating loaning funds to Kushner. And according to the Times, the practice does not appear to be against the law.

These documents were shared, as the Times says, by "a person who has had financial dealings with Mr. Kushner and his family". 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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His net worth has quintupled to nearly US$324-million.

The documents reviewed by the newspaper describe Kushner's business dealings and finances from 2009 to 2016.

The Times said Mr Kushner's tax bills reflected the use of a tax benefit known as depreciation that lets real estate investors deduct part of the cost of their properties from their taxable income.

The summaries of Mr. Kushner's tax returns reviewed by the Times don't explicitly state how much he paid.

The Times noted that nothing in the documents indicate that Kushner or his company broke the law. However, despite some possible legal recourse, experts said it's unlikely that any investigation would yield significant consequences in the decades-old allegations. That report, published earlier this month, found that the president "participated in dubious tax schemes during the 1990s, including instances of outright fraud", to bolster his gains from the family inheritance.

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