Jared Kushner 'likely' paid little or no income taxes for years: NYTimes

Senior Advisor to the President Jared Kushner join U.S. President Donald Trump as he holds a press conference to discuss a revised U.S. trade agreement with Mexico and Canada in the Rose Garden of the White House

The New York Times has a stunning new report out saying that Jared Kushner, President Donald Trump's son-in-law and advisor to the President, may not have paid federal income taxes for years.

Tax bills reviewed by the publication reveal what the Times calls a "common tax-minimizing maneuver" that allowed Kushner and his real estate firm, Kushner Companies, to mark losses on paper without actually losing any money.

The US tax code allows real estate investors like Kushner, whose family company, Kushner Companies, has spent billions of dollars on real estate over the past decade, to write off depreciation, or a property's devaluation because of use or wear and tear.

The Times reported the documents were prepared previous year for an institution contemplating loaning funds to Kushner.

Peter Mirijanian, a spokesman for Abbe Lowell, Kushner's lawyer, said in an email that he couldn't respond to assumptions taken from incomplete documents.

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The federal tax law on depreciation, "often represents a lucrative giveaway to developers like Mr. Trump and Mr. Kushner".

The documents reviewed by The Times describe his business dealings, earnings, expenses and borrowing from 2009 to 2016, and contain details from Kushner's federal tax filings. Kushner sold his interests in the company to a family trust a year ago.

Kushner Cos said previously it had more than $2.5 billion in transactions 2017 and has 12 million square feet under development in NY and New Jersey.

Kushner registered an estimated net worth of almost $324 million, bringing home millions in salary and gains from his various investments.

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