Over the last some years, the family company of Jared Kushner had spent billions of dollars to buy the real estate and almost all of his personal stock investments have been soared and the net worth of his has been quintupled to approximately $324 million. Mr. Kushner is the son in law of President Trump and he for a lot of years has paid no federal income taxes. New York Times has reviewed the documents containing proves that he has not paid any of the income taxes. According to those confidential documents, there are some low tax bills which shows about his minimum tax maneuver and also about the losses of millions of dollars which Mr. Kushner has faced in last some years. But those losses didn’t exist in real and they were only stated on the paper and in actual, Mr. Kushner and his family lost no money.
The losses which are stated were only driven by depreciation and that is a tax benefit by which the real estate investors reduce the part of the cost of their buildings from the taxable income they have every year. As, in the year 2015, Mr. Kushner bought a new home of about $1.7 million from his salary and his investment profits. But later own those earnings were snowed under with $8.3 million losses because of the significant depreciation which his company had took on the real estate.
Well, in concepts, the provision of depreciation is considered to be as a shield for the real estate developers from getting their investments reduced by the depreciation on their buildings. For the several past years, the son in law of President Donald Trump had paid almost no income taxes. Well there is law that the value of buildings decrease every year when in reality there is a chance that their value might be increased. This is how the real estate investors help themselves to settle their tax bills.
Last year, the White House championed a revision of the tax laws which expanded the benefits that the real estate investors had been enjoying for years. The Trump’s administration has been in the position for the cleaning up of the tax code and it also promised to get rid of the complexities that which the specific taxpayers have to get the advantage. Instead the provisions increased which somehow have the similarity to benefit them.