Kushner Likely Paid No Federal Income Taxes for Years, Documents Show
Over the past decade, Jared Kushner’s family company has spent billions of dollars buying real estate. His personal stock investments have soared. His net worth has quintupled to almost $324 million.
And yet, for several years running, Mr. Kushner — President Trump’s son-in-law and a senior White House adviser — appears to have paid almost no federal income taxes, according to confidential financial documents reviewed by The New York Times.
His low tax bills are the result of a common tax-minimizing maneuver that, year after year, generated millions of dollars in losses for Mr. Kushner, according to the documents. But the losses were only on paper — Mr. Kushner and his company did not appear to actually lose any money. The losses were driven by depreciation, a tax benefit that lets real estate investors deduct a portion of the cost of their buildings from their taxable income every year.
Mr. Trump has broken with decades of tradition by refusing to release his tax returns. But portions of a 1995 tax return previously published by The Times show trends similar to the one visible in the documents detailing Mr. Kushner’s finances. Mr. Trump at the time reported nearly $916 million in losses, which could have permitted him to avoid any federal income taxes for almost two decades.
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Sure, this is legal according to the tax "reform" bill the Republicans passed benefiting the rich.
Developers might have to pay capital gains taxes if they sell their properties. But the Kushners, like others in the real estate business, often avoid that tax, too, by using the proceeds of sales to buy more properties within a certain time window.
At least in part because of that perk, the Kushners’ property sales in the period covered by the documents — totaling about $2.3 billion, according to Real Capital Analytics, a research firm — generated little or no taxable income for Mr. Kushner.
Last year’s tax legislation eliminated that benefit for all industries but one: real estate.
Kushner Likely Paid No Federal Income Taxes for Years Documents Show
Discussion in 'Political Debate & Discussion' started by FollowTheWay, Oct 13, 2018.
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FollowTheWay Well-Known MemberSite Supporter
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Lol, where's the story?
The title says no income tax, the story says almost no income tax. So how much did he pay, on what taxable income?
Throwing his net worth out there is just a red herring. -
Let's see. He didn't break any laws. His accounting firm did what they were supposed to do and kept his tax liability to the legal minimums.
So what is the point? Oh, yes! He is married to the President's daughter. That means he is a thief, a rapist, a murderer, and probably plays Satan in his spare time.
Why is the loonie left so enamored with the lying politics of personal destruction.
Could it be that's all they have? -
just-want-peace Well-Known MemberSite Supporter
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I'm sure the IRS is aware of the situation!
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InTheLight Well-Known MemberSite Supporter
[QUOTE="FollowTheWay, post: 2457067, member: 11730 Mr. Trump at the time reported nearly $916 million in losses, which could have permitted him to avoid any federal income taxes for almost two decades.[/COLOR][/B]
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Sure, this is legal according to the tax "reform" bill the Republicans passed benefiting the rich. [/Quote]
It's called a retained corporate loss. The losses incurred can be used against profitable years to reduce taxes in the future. It's been tax law for decades. It didn't start this January. Think, man, think! How could Trump avoid federal taxes starting in 1995 if the law was only just passed in December 2017?! Do you know what you're talking about?!
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FollowTheWay Well-Known MemberSite Supporter
Oh boy. I'm calling you on this one. Show us this law that says it I buy more property I can avoid taxes. Seriously, how does this IRS (or anyone) know the origins of the money used to buy property?
How confused are you? You claim last year's tax legislation enabled Trump to avoid taxation from 1995 onwards and now you are saying a portion of last year's legislation dealing with capital gains related to property sales was not eliminated. Make up your mind!!!
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Notice this article pointed out that this deduction was taken away for every industry EXCEPT REAL ESTATE. One guess as to why that was excluded. -
InTheLight Well-Known MemberSite Supporter
Notice I asked you to show me this law. Waiting.
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Hey, how about all those rich liberals in Hollywood, are they paying their "fair share"? -
Keep in mind - it was income tax....
I would like to know how much they paid in local property tax and sales tax!
It wouldnt surprise me that his companies paid more in sales tax - that what many
of us made!
Granted - paying property and sales tax does not excuse you from paying income tax,
but just keep in mind that they do pay of a lot of tax. -
Before 2018, many properties were covered by Section 1031. The Tax Cuts and Jobs Act of 2017 repealed Section 1031 for all types of property except real property. -
Squire Robertsson AdministratorAdministrator
And 1031 is available to all property owners not just the "ultra-wealthy." It's what allows folks who lived and owned property in a high-cost housing market to sell out and move to a lower cost area and buy "more" house.
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And this is a good reason to have a tax adviser.
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InTheLight Well-Known MemberSite Supporter
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InTheLight Well-Known MemberSite Supporter
Sent from my Pixel 2 XL -
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And what kind of properties do the Trumps deal in? Personal or business properties? -
InTheLight Well-Known MemberSite Supporter
Quit trolling.
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InTheLight Well-Known MemberSite Supporter
Quit trolling.
Sent from my Pixel 2 XL -
I buy a business property. That business property increases in value and I sell it at a $1 million gain. I now owe Capital Gains tax on that $1 million gain.
But I do a 1031 exchange and purchase another property. But the property value has decreased since I bought it and I sell it at a $1 million loss.
ADD: $1 million gain.
AND: $1 million loss.
EQUALS: $0 Capital gain.
How much Capital Gains tax do I owe on $0 capital gain?
I will check back in a little while to see if you can do the math, or if it was too complicated for you.
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