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The creative accounting that allowed Jared Kushner to dodge paying income taxes is totally legal
Business Insider ^ | Oct. 14, 2018 | Ellen Cranley

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 ...


TOPICS: News/Current Events; Politics/Elections
KEYWORDS: depreciation; incometaxes; kushner; kushnertaxes; tax; taxes; trumpfamily
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To: Innovative

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.


21 posted on 10/14/2018 3:36:38 PM PDT by sitetest (No longer mostly dead.)
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To: Innovative

It is also not illegal to legally reduce your tax burden.


22 posted on 10/14/2018 3:39:53 PM PDT by Secret Agent Man (Gone Galt; Not Averse to Going Bronson.)
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To: glorgau

Every business in the world uses depreciation of assets.


23 posted on 10/14/2018 3:40:29 PM PDT by Secret Agent Man (Gone Galt; Not Averse to Going Bronson.)
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To: Innovative

It won’t matter that it’s legal, the left, will still scream bloody murder and not point out that it’s legal.


24 posted on 10/14/2018 3:42:50 PM PDT by wastedyears (The left would kill every single one of us and our families if they knew they could get away with it)
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To: Innovative
When filing tax returns it's not “creative” or “loopholes” if it's legal.Although I've never deducted old underwear I assume it was legal for BillyBob and ILLary to do it,otherwise there’d be a record of some kind of sanction.I,for one,have no problem with deducting things like state income tax but I'd be too damn embarrassed to deduct underwear.
25 posted on 10/14/2018 3:43:31 PM PDT by Gay State Conservative (I've Never Owned Slaves...You've Never Picked Cotton.End Of "Discussion".)
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To: Innovative

Al Sharpton, pick up the pinko phone.


26 posted on 10/14/2018 3:43:45 PM PDT by Mark (Celebrities... is there anything they do not know? -Homer Simpson)
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To: SecAmndmt

The income tax was created by super wealthy progressives for the benefit of super wealthy progressives, and to the detriment of the middle class.


That might be how it turned out but until WWII only the wealthy were touched by the income tax. That’s one reason why the idea was popular—”we’ll only tax the rich. We’ll never tax the middle class.” Until then, the U.S. depended on tariffs for revenue. The argument then was that the lower and middle classes were the ones funding the government because they were the ones who tended to buy the cheaper imports.


27 posted on 10/14/2018 3:44:28 PM PDT by hanamizu
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To: Gay State Conservative

I guess they did’t have any Cattle Futures losses.


28 posted on 10/14/2018 3:45:15 PM PDT by Mark (Celebrities... is there anything they do not know? -Homer Simpson)
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To: Innovative

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.


29 posted on 10/14/2018 3:46:52 PM PDT by Hostage (Article V (Proud Member of the Deranged Q Fringe))
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To: Innovative
An IRS policy known as depreciation

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.

30 posted on 10/14/2018 3:47:12 PM PDT by AndyJackson
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To: Innovative

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.


31 posted on 10/14/2018 3:47:12 PM PDT by Dr. Pritchett
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To: Innovative
It's not dodging to follow industry standard accounting practices.
 
32 posted on 10/14/2018 3:47:28 PM PDT by Governor Dinwiddie (I don't know nothin' 'bout birthin' babies!)
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To: Innovative

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”.


33 posted on 10/14/2018 3:50:55 PM PDT by bigbob (Trust Sessions. Trust the Plan.)
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To: Innovative

“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.


34 posted on 10/14/2018 3:53:49 PM PDT by ridesthemiles
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To: Innovative

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.


35 posted on 10/14/2018 3:54:09 PM PDT by Mercat
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To: Innovative

Depreciation is not creative accounting.


36 posted on 10/14/2018 3:54:15 PM PDT by Rusty0604
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To: Innovative
Depreciation was part of the original income tax law:

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.

37 posted on 10/14/2018 3:54:20 PM PDT by Raycpa
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To: Raycpa

Link to original tax return:

https://www.irs.gov/pub/irs-utl/1913.pdf


38 posted on 10/14/2018 3:54:47 PM PDT by Raycpa
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To: SecAmndmt

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.


39 posted on 10/14/2018 3:55:40 PM PDT by ridesthemiles
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To: Innovative

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.


40 posted on 10/14/2018 3:55:58 PM PDT by Attention Surplus Disorder (Apoplectic is where we want them)
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