Jared Kushner, President Donald Trump’s son-in-law and senior adviser, paid little to no federal income taxes from 2009 to 2016, according to a new report from The New York Times.
After Times reporters reviewed more than 40 pages of documents that detailed Kushner’s family real estate empire’s business earnings, expenses and losses over 7 years with assistance from 13 tax accountants and lawyers, they concluded the Kushner Companies’ filings repeatedly listed massive losses, a common “tax-minimizing maneuver.”
Real estate tax law allows for an asset’s gradual decline in value, a perk known as depreciation that poses generous benefits for investors in the form of a deduction of eligible income that decreases the amount of taxes paid on a given asset.
In one example in 2015, Kushner made $1.7 million in salary and investments from his famiy’s firm, but listed $8.3 million lost to “significant depreciation” to the company’s real estate that would have sharply decreased the taxes owed.
The Kushner family business has drawn sharp scrutiny amid accusations that it allegedly inflated rent, falsified documents, and mismanaged construction at a number of its New York properties. Kushner was a chief executive at the company and still remains an owner despite his senior role in the Trump administration.
Citing research firm Real Capital Analytics, the Times reported the Kushners’ property sales from 2009-2016 totaled about $2.3 billion but generated little or no taxable income for Jared.
Representatives from the White House and Kushner Companies did not respond to the Times’ requests for comment.
Saturday’s report comes just over a week after the Times reported in a separate extensive investigation that the president employed “dubious tax schemes” in the 1990s, including “instances of outright fraud,” to bolster his gains from the family inheritance.
The New York State Department of Taxation and Finance said after the report that it would open an investigation into Trump’s family’s wealth, as well as allegations of shady business practices. However, despite some possible legal recourse, experts said it’s unlikely that any investigation would yield significant consequences in the decades-old allegations.