Jared Kushner, U.S. President Donald Trump's son-in-law and special advisor, appears to have paid no federal income taxes for several years, according to confidential financial documents, The New York Times reported on Saturday.
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's minimal tax payments are the result of a common tax-minimizing maneuver that generated millions of dollars in losses for Mr. Kushner, according to the documents. His net worth is almost at $324 million, The Times reported.
Kushner made $1.7 million in salary and investment gains in 2015, though those earnings were followed by $8.3 million of losses "significant depreciation" of their real estate, according to the documents. The Times wrote that "nothing in the documents suggests Mr. Kushner or his company broke the law."
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The revelation of Kushner's low tax bills comes as Trump's taxes are under renewed scrutiny following a report that his father for decades used tax loopholes to avoid paying taxes on gifts to his children. Under the Trump administration, there has been a sweeping U.S. tax reform that provides real estate investors with benefits that allow them to claim large deductions.
Kushner Companies, the real estate empire founded in 1985 by his father Charles Kushner, has reportedly been involved in $7 billion worth of acquisitions over the past decade, with some Israeli connections.
Kushner resigned as chief executive of the family business after he joined the Trump administration, though he is still a beneficiary of trusts that have holdings in Kushner properties.
In January, The Times reported that just before Kushner accompanied his father-in-law on his first presidential visit to Israel last May, his family’s real estate company received a $30 million investment from Menora Mivtachim – an insurer and one of Israel’s largest financial institutions.