Donald Trump's son-in-law Jared Kushner 'likely' paid no income tax for years

Jared Kushner and Treasury Secretary Steven Mnuchin at the White House in Washington

The documents, mostly created a year ago, were shared with the New York Times by a person who has had financial dealings with Mr. Kushner and his family.

His net worth is nearly at $324 million, The Times reported.

A spokesman for Kushner's lawyer told the Times that Kushner "paid all taxes due under the law and regulations".

The Times - and White House economic adviser Larry Kudlow, in an interview on ABC's "This Week" Sunday - noted that Kushner doesn't appear to have broken the law with the tax-avoiding maneuvers.

The White House and Kushner Cos did not immediately comment.

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.

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.

Kushner achieved the feat through depreciation, an accounting process by which real estate investors are allowed to count the supposedly fallen value of their assets against what would be their tax obligation. However, he reported a loss of $8.3 million caused by the "significant depreciation" of his company's real estate, thereby enabling him to subtract that amount from the taxes he would have owed. The newspaper's independent review of the documents did not reveal any wrongdoing on the part of Kushner.

After Times reporters reviewed more than 40 pages of documents that detailed Kushner's family real estate empire's business earnings, expenses and losses over 7 years with assistance from 13 tax accountants and lawyers, they concluded the Kushner Companies' filings repeatedly listed massive losses, a common "tax-minimising manoeuvre".

The report follows a massive report from the Times earlier this month that accused Trump of "outright fraud" in his own series of tax schemes.

The New York State Department of Taxation and Finance said after that report that it would open an investigation into Trump's family's wealth, as well as allegations of shady business practices.

Not just that, the article on Times also said that Trump, who often talks about how he is a self-made billionaire, received a large part of his fortune from his parents.

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