Jared Kushner, President Donald Trump’s son-in-law and a senior White House adviser, likely paid little or no federal income taxes between 2009 and 2016, The New York Times has reported, citing confidential financial documents.
- Donald Trump’s son-in-law Jared Kushner used depreciation to reduce his taxable income
- The tax benefit allows real estate investors to deduct part of the cost of their property from their income
- Mr Kushner’s lawyers said he “properly filed and paid all taxes due under the law and regulations”
The documents were created with Mr Kushner’s cooperation as part of a review of his finances by an institution that was considering lending him money, the Times reported.
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 Times report said that nothing in the documents reviewed “suggests Mr Kushner or his company broke the law”.
Peter Mirijanian, a spokesman for Mr Kushner’s lawyer Abbe Lowell, said 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”.
“Always following the advice of numerous attorneys and accountants, Mr Kushner properly filed and paid all taxes due under the law and regulations,” he said.
The records reviewed by The New York Times did not expressly state how much Mr Kushner paid in taxes, but included estimates for how much he owed called “income taxes payable” and how much the property developer paid in expectation of forecasted taxes known as “prepaid taxes.”
The paper said for most of the years covered, both were listed as zero, but in 2013 Mr Kushner reported income taxes payable of $1.54 million.
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.
The US President’s son-in-law sold his interests in the company to a family trust last year.
The White House and Kushner Cos did not immediately comment.
The newspaper noted that the 2017 tax rewrite signed by Mr Trump includes provisions that benefit real estate investors.
Mr Mirijanian said that on tax reform efforts, Mr Kushner “followed his approved ethics agreement and has avoided work that would pose any conflict of interest”.
In December, a group of Democratic politicians wrote to Mr Kushner, asking whether in his talks with foreign officials he had ever discussed financing for a deeply indebted property in midtown Manhattan, citing concern he was using his position for financial gain.
Kushner Cos previously said it had more than $3.5 billion in transactions in 2017, with 1.11 million square metres under development in New York and New Jersey.
Documents released by the White House in June showed Mr Kushner held assets worth at least $254.35 million, the Associated Press reported.
The disclosures also show that Mr Kushner and his wife, Ivanka Trump, received at least $115.23 million in outside income in 2017.