President Trump’s son-in-law and senior White House adviser, Jared Kushner, appears to have paid almost nothing in federal taxes from 2009 to 2016 by using a legal tax break known as depreciation, according to a bombshell report from the New York Times.
Kushner, who is worth more than $300 million and has earned millions off his family’s real-estate holdings, was able to offset his income by reporting the depreciation of various real estate holdings, according to confidential financial documents obtained by the Times.
The Times reported that Kushner earned $1.7 million in salary in 2015 and offset that income with more than $8.3 million in losses reported as a “significant depreciation” in real estate assets.
Peter Mirijanian, a spokesman for Abbe Lowell, Kushner’s lawyer, told the newspaper that “Mr. Kushner properly filed and paid all taxes due under the law and regulations” and followed the advice of “numerous attorneys and accountants.”
The Hill reports:
The 2017 tax-reform package that Congress passed in December allowed businesses to immediately write off more under depreciation and increased the maximum deduction from $500,000 to $1 million, according to the IRS.
The new law allowed property owners to expense improvements to nonresidential properties related to roofing, heating and air conditioning, fire protection systems and alarm systems. Mirijanian told the Times that Kushner avoided work related to the tax bill that would have posed a conflict of interest.