Jared Kushner, President Donald Trump’s son-in-law, paid almost no federal income taxes in several recent years despite a rising net worth and billions of dollars spent building his real estate empire, the New York Times reported Saturday.
Citing “confidential financial records” it obtained, the Times reported that Kushner, 37, a senior White House adviser, for years minimized his tax bills by booking heavy losses on reported depreciation of his real estate holdings that overwhelmed his reported income.
The Times noted that nothing in the documents indicate that Kushner or his company broke the law.
In a 2015 example, Kushner booked $8.3 million in losses driven by “significant depreciation” of real estate owned by Kushner and his company. The loss offset Kushner’s income of $1.7 million in salary and investment gains,…