Jared Kushner may have dodged paying federal taxes for years

Jared Kushner may have dodged paying federal taxes for years

Jared Kushner may have dodged paying federal taxes for years

The report was based on more than 40 pages of documents that The Times reviewed, which were created with Kushner's cooperation as party of a review of his finances when applying for a loan.

White House adviser Jared Kushner "appears" to have paid no federal income taxes in several recent years, The New York Times reported Saturday based on "confidential financial documents" it had reviewed - despite Kushner Companies itself being profitable for Kushner and his father, and Kushner's net worth having "quintupled to nearly $324 million".

Citing "confidential financial records" it obtained, the Times reported that Kushner, 37, a senior White House adviser, for years minimized his tax bills by booking heavy losses on reported depreciation of his real estate holdings that overwhelmed his reported income. The provision is meant to shield real estate developers from having their investment value decrease from wear and tear on their buildings, but in practice it results in lucrative giveaways to developers.

The law regarding depreciation assumes that real estate values decline annually, although often property values actually increase.

Fracking to begin in Britain after court ruling
Mr Justice Supperstone is expected to give his judgment at noon on an application brought by environmental campaigner Bob Dennett. The firm will initially test gas to see whether it is viable, but if the operation is a success up to 20 wells could be built.

Kushner Cos, the family company for which Mr Kushner previously served as chief executive, has been profitable in recent years, the Times said, citing the analysis. Other experts interviewed by the Times say it's likely he didn't pay much ― or any ― in three other years.

Peter Mirijanian, a spokesman for Kushner's lawyer Abbe Lowell, told Reuters on Saturday that he would not respond to the newspaper's assumptions, which he said were "taken from incomplete documents obtained in violation of the law and standard business confidentiality agreements". The Times wrote that "nothing in the documents suggests Mr. Kushner or his company broke the law".

A spokesman for Kushner's lawyer told The Times that Kushner followed the advice of lawyers and accountants, and filed and paid all taxes required by law. Instead, the documents include disclosures by his accountants that estimate how much tax he owed for the year just ended - called "income taxes payable" - and how much he paid during the year in anticipation of taxes he would owe, called "prepaid taxes".

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

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