Kushner Likely Paid No Federal Income Taxes for Years Documents Show

[InTheLight]

The point is you and all non-corporate taxpayers can't deduct depreciation on your property like commercial real estate companies can.

I am part owner of three oil wells. For five years I was allowed to depreciate the cost of the ownership/royalty agreement on my personal tax return, which lowered my personal tax liability. For this agreement I was a non-corporate taxpayer.

(It could be that the 2017 Republican tax bill removed this ability, but I was able to do it in the early 2000's.)



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[FollowTheWay]

Oh, you mean the ones who own businesses that employ thousands of workers - as well as all the major purchases they make which means income for others.

I mean the top o.1% who own as much wealth as the bottom 90% in America. That money never has and never will "trickle down" to the rest of us. Reaganomics was a complete failure.

 

[FollowTheWay]

So will you be retracting your statement, or furnishing us with the facts underlying your assumption?

Why? I was on the mark.

 

[FollowTheWay]

One of the most important things to know about posting on any internet forum is #1 Know your Friends, #2 Know your Enemies, #3 Know the Difference.

I was defending you. You were asked for the IRS Code that supported your assertion. I posted it in Post #11. The rest was fallout from that post.
Again, see Post #11.

Sorry. Missed it.

 

[FollowTheWay]

(looks at thread title)

I thought the point was that Kushner didn't pay any personal income taxes.



As can any owner of a corporation that is a pass-through entity, like S-Corps and LLC's.



Typical wage earners who are stock holders in an S-Corp or an LLC can report that companies losses on their personal tax returns. They don't need to be real estate tycoons.



No. They are not "Mr. Kushner's losses." They are the real estate company's losses. The losses don't wipe out his taxable income, however they could reduce his tax liability, possibly even to zero. Da-Dah-DUH!!!




Gosh, one would get the idea that the tax code was written in such a way so as to encourage entrepreneurship, risk taking, and creating businesses, thereby creating more jobs!


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"Entrepreneurship" is not a term to describe the companies owned my Kushner or Trump. They have no new ideas, have produced no products, have cheated contractors who worked for them and made money off the U.S. tax code by posting losses and declaring bankruptcy. Apple, Microsoft and Google were started by true entrepreneurs. These guys are parasites.

 

[Rob_BW]

Why? I was on the mark.

Then what tax code reg prevents people from claiming losses against borrowed money?

If I take out a loan against a tractor for the farm, who says I can't capitalize it over the next five years?

 

[FollowTheWay]

Then what tax code reg prevents people from claiming losses against borrowed money?

If I take out a loan against a tractor for the farm, who says I can't capitalize it over the next five years?

I don't know. Tell me.

 

[Rob_BW]

I don't know. Tell me.

Are you admitting to blatant slander? Or will you be claiming that you only quoted slander?

Depreciation deductions are available in other industries, but they generally don’t get to take losses related to spending with borrowed money.

 

[Salty]

I mean the top o.1% who own as much wealth as the bottom 90% in America. That money never has and never will "trickle down" to the rest of us. Reaganomics was a complete failure.

Then what are they doing with their money?

 

[Salty]

Then what are they doing with their money?

OH -- for one thing they give to charity! Billions of dollars have been supporting charities for many years.
In addition - the foundation employs more than 1500 employees.

 

[Salty]

OH -- for one thing they give to charity! Billions of dollars have been supporting charities for many years.
In addition - the foundation employs more than 1500 employees.

and in addition - they pay a lot in local property tax.

 

[FollowTheWay]

Are you admitting to blatant slander? Or will you be claiming that you only quoted slander?

I have no idea what you're talking about.

 

[Rob_BW]

I have no idea what you're talking about.

The way you & the article you quoted throw out a dubious "fact," and how when asked for proof you have nothing. That's what I'm talking about.

The article does it because it is a hit piece. It's not concerned with truth, just with generating some negative publicity til the next news cycle.

 

[Wingman68]

Also in the tax code.....’Earned Income Tax Credit’

This is where you get a substantial tax return of money you never paid in. Where’s the outrage?

 

[Salty]

So as far as the super rich - what do they do with their money.

1) Spend it - which means jobs and income for many people
2) Put it the bank - which allows the bank to make loans to a sole prop, partnership, or even a large business
3) Give it to charities which help many others.
4) They invest it in a business - which in turn provides jobs and helps the local economy.


Have you seen the TV show, "Shark Tank"? When a deal is made - it comes from the Businesman that accpeted.
The TV network does not pay the Shark any money.

Sure these individuals are very rich - but when they decide to invest - they check out ever thing -

 

[FollowTheWay]

The way you & the article you quoted throw out a dubious "fact," and how when asked for proof you have nothing. That's what I'm talking about.

The article does it because it is a hit piece. It's not concerned with truth, just with generating some negative publicity til the next news cycle.

But Trump's people claim there are no more facts.

 

[Reynolds]

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.

****************************************************************************************************
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.

I don't really understand depreciation, but it saves me a ton every year.

 

[Reynolds]

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.

****************************************************************************************************
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.

I don't really understand depreciation, but it saves me a ton every year. I understand the concept, but when the CPA hands me the numbers, it makes no sense.

 

[Rob_BW]

But Trump's people claim there are no more facts.

I thought you held yourself to a higher standard?

 

[FollowTheWay]

Then what are they doing with their money?

Controlling America and the world. They are the deep state.