Kush­ner paid al­most no taxes for years

Chattanooga Times Free Press - - BREAKING NEWS: 423-757-NEWS -

Over the past decades, Jared Kush­ner’s fam­ily com­pany has spent bil­lions of dol­lars buy­ing real es­tate. His per­sonal stock in­vest­ments have soared. His net worth has quin­tu­pled to al­most $324 mil­lion.

And yet, for sev­eral years run­ning, Kush­ner — Pres­i­dent Don­ald Trump’s son-in-law and a se­nior White House ad­viser — ap­pears to have paid al­most no fed­eral in­come taxes, ac­cord­ing to con­fi­den­tial fi­nan­cial doc­u­ments re­viewed by The New York Times.

His low tax bills are the re­sult of a com­mon tax-min­i­miz­ing ma­neu­ver that, year af­ter year, gen­er­ated mil­lions of dol­lars in losses for Kush­ner, ac­cord­ing to the doc­u­ments. But the losses were only on pa­per — Kush­ner and his com­pany did not ap­pear to ac­tu­ally lose any money. The losses were driven by de­pre­ci­a­tion, a tax ben­e­fit that lets real es­tate in­vestors deduct a por­tion of the cost of their build­ings from their tax­able in­come every year.

In 2015, for ex­am­ple, Kush­ner took home $1.7 mil­lion in salary and in­vest­ment gains. But those earn­ings were swamped by $8.3 mil­lion of losses, largely be­cause of “sig­nif­i­cant de­pre­ci­a­tion” Kush­ner and his com­pany took on their real es­tate, ac­cord­ing to the doc­u­ments.

The doc­u­ments were cre­ated with Kush­ner’s co­op­er­a­tion as part of a re­view of his fi­nances by an in­sti­tu­tion that was con­sid­er­ing lend­ing him money.

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