Posted on 10/14/2018 3:15:33 PM PDT by Innovative
A Saturday report from The New York Times found Jared Kushner, President Donald Trump's son-in-law and senior adviser, paid little to no federal income taxes from 2009 to 2016 using legal tax mechanisms.
An IRS policy known as depreciation is a deduction Kushner Cos. used to diminish its taxable income on properties largely bought with borrowed money.
Though not illegal, the filings show how real estate tax codes leave room for profitable maneuvering.
The New York Times found Jared Kushner, President Donald Trump's son-in-law and senior adviser, paid little to no federal income taxes from 2009 to 2016 — without breaking the law.
(Excerpt) Read more at businessinsider.com ...
My wife had a boss years ago who was a big high-tax liberal. But he arranged things to pay the least amount of taxes that he could each year. He [rightly] said he didn’t owe anymore than the minimum the law required.
It is also not illegal to legally reduce your tax burden.
Every business in the world uses depreciation of assets.
It won’t matter that it’s legal, the left, will still scream bloody murder and not point out that it’s legal.
Al Sharpton, pick up the pinko phone.
The income tax was created by super wealthy progressives for the benefit of super wealthy progressives, and to the detriment of the middle class.
I guess they did’t have any Cattle Futures losses.
Kusher would be a fool not to use tax code provisions to maximize his business.
The NY Tripe is not showing anything nefarious regarding Trump family members although they are trying.
What they do show is gross bias to search for anything, anything that can be written in a negative light regarding the Trump family. Why they bother to print it at all is a mystery other than this was a weeks-long project by a reporter team that came up with a whole lot of nothing.
But they can run a victory lap through liberalville proclaiming Kushner paid no tax, etc.
Clueless idiots.
The tax laws of the US allow for depreciation of capital assets as a charge against current income. If you could not charge the declining value of capital assets (cars, buildings, manufacturing equipment) and had to pay tax on revenue rather than income no business would be profitable.
Even with maintenance buildings age. After some passage of time - 50 years, 100 years they need to be demolished or gutted and rebuilt.
Tax AVOIDANCE is completely legal and sound strategy. Tax EVASION is not. The politicians write tax laws to benefit themselves; there’s no obligation to interpret them to your own disadvantage.
Listen up, rats: Once again, if you don’t like the laws, change the laws.
I’m all in favor of using all legal means to avoid paying taxes. Don’t like that, enact a simpler tax code with fewer “means”.
“LEGAL TAX MECHANISMS”
How stupid is it to write such a story?
IF someone uses the tax code AS WRITTEN, they are not doing anything wrong.
Exactly, I’ve been depreciating my rental properties for over 40 years to shelter my income. I’ve also used the 179 dealio on schedule c. Not hard.
Depreciation is not creative accounting.
Page 3 of the original 1913 income tax return provides for depreciation deduction as follows:
Amount representing a reasonable allowance for the exhaustion, wear, and tear of property arising out of its use or employment in the business, not to exceed, in the case of mines, 5 per cent of the gross value at the mine of the output for the year for which the computation is made, but no deduction shall be made for any amount of expense of restoring property or making good the exhaustion thereof, for which an allowance is or has been made
Instead of deducting the full cost of the cost of real estate, an investor is required to only write off a portion of his initial investment over time.
Plenty of middle class persons own commercial or rental buildings that use depreciation. Having a mortgage on such buildings is normal.
The sheer ignorance of people influencing the taxpaying public is mind-blowing.
Perhaps the most common place that an individual might encounter depreciation is if they were to own let’s say a single-family home for rental purposes. Taking depreciation is not an option. The IRS forces you to take depreciation. I’ll say that again: it’s not an option. You MUST take depreciation on it.
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