Son-in-law Jared Kushner ‘paid little or no income tax’

Mark Wilson via Getty Images

Kushner stepped down as CEO of Kushner Companies in January 2017 after Trump was sworn in as president.

Jared Kushner has a net worth of nearly $324 million but paid little or no income tax between the years 2009 and 2016, the New York Time reported.

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 spoke to 13 tax accountants and lawyers. "However, always following the advice of numerous attorneys and accountants, Mr. Kushner properly filed and paid all taxes due under the law and regulations". Kushner, a senior White House adviser and President Trump's son-in-law, managed to avoid hefty tax bills thanks to millions of dollars in losses he recorded.

Current tax law assumes that buildings will undergo standard wear and tear that will lead to a depreciation in their values, and the aforementioned tax benefit exists to protect investors in light of that. And according to the Times, the practice does not appear to be against the law.

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Kushner Cos, the family company for which Kushner previously served as chief executive, has been profitable in recent years, the Times said, citing the analysis.

The latest speculations on Kushner's tax payments comes days after the NYT published an investigation, as per which Trump and his siblings are said to have helped their parents hide their wealth by setting up a fictitious corporation and declaring false tax deductions.

White House and Kushner Companies representatives didn't respond to the Times' requests for comment, the newspaper reported. The newspaper's independent review of the documents did not reveal any wrongdoing on the part of Kushner.

Filings by the Kushner Companies reviewed by The Times show massive losses listed as depreciation, a real estate tax law allowance that allows for a deduction to reduce taxes. However, despite some possible legal recourse, experts said it's unlikely that any investigation would yield significant consequences in the decades-old allegations.

A few days ago, it was said that US President Donald Trump may have helped his parents evade a large amount of tax, after which the New York Tax Department even confirmed that a probe was under way.

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